Riksbank Minutes (Apr 27): Deputy Governor Bremen says in her opinion, the rate path indicates too many increases over the forecast horizon given the current information

INGVES:

• I feel that the rate hikes included in the repo-rate path do not mean that monetary policy changes over to being contractionary.
• If inflation continues to surprise on the upside, monetary policy may need to be tightened further.
• The focus is now on ensuring that the high inflation rates we are currently observing do not persist

BREMEN

• It is better to slow down now than risk having to slam on the brakes late.
• I did not enter a reservation against our forecast or against the rate path; however, in my opinion, the rate path indicates too many increases over the forecast horizon given the information we currently have

FLODEN

• Could have proposed a flatter repo path, with a greater probability of two rather than three hikes. But, cannot rule out the possibility that they may need to raise rates faster.

JANSSON

• To be sure, the upward adjustment to the repo-rate forecast now being made is not insignificant but still relatively cautious, bearing in mind the magnitude of the rate hikes during previous rate-hike cycles and, above all, the inflation situation we have to cope with this time.

SKINGSLEY

• By gradual rate hikes, we are now strengthening the possibilities for better economic development in the longer perspective.

OHLSSON

• As I see it now, the repo rate needs to be a couple of percentage points higher in a few years’ time. At the same time, I think that if we begin to act in time, there is also a possibility to adapt monetary policy gradually.

Via Riksbank