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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
RIKSBANK
Sweden's National Audit Office (NAO) found "no support for the Riksbank's extensive purchase of securities having had tangible effects on inflation" in its review into QE for the years 2015 - 2021.
- The results of the review will likely add further pressure on the Riksbank to increase the pace of its QT programme at its February 2024 meeting - a move that already looks likely following the November meeting minutes released this week.
- SEK has not reacted meaningfully to headlines on the wires.
- The NAO concludes that purchases of securities through QE were not efficient, "but mainly reported in an efficient manner".
- However, "the securities purchases made at the beginning of the pandemic contributed to reducing anxiety in the economy and stabilizing the financial markets".
- Overall, while there was a "solid basis for the decision", the "costs of the asset purchases have become significant and far greater than anticipated".
- The NAO's recommendations to the Riksbank are in the image below:
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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