NBH Release September Meeting Minutes

The NBH minutes offered little new information of note. Here are some selected highlights from the document:

• In the Council’s risk assessment, the inflation outlook was surrounded by upside risks, while the outlook for growth was characterised by downside risks.
• Monetary Council members agreed that it was necessary to maintain tight monetary conditions in order to achieve price stability
• The Council was unanimous in its view that taking a cautious approach to setting the base rate was warranted in order to address fundamental inflation risks.
• Decision makers pointed out that with the acceleration in disinflation, the domestic real interest rate would turn positive in September.
• Council members argued that in the new phase, decisions about interest rates should be taken applying a step-by-step, cautious and careful approach and not in ‘autopilot’ mode.

See the full release here.