Danske Bank analysts note the Riksbank unanimously kept rates unchanged, but minutes show Jansson considered a cut and may reserve his vote in March. Flash CPIF core inflation fell to 1.7% year-on-year, well below expectations, adding downward pressure on front-end rates.
Danske Bank analysts note the Riksbank unanimously kept rates unchanged, but minutes show Jansson considered a cut and may reserve his vote in March. Flash CPIF core inflation fell to 1.7% year-on-year, well below expectations, adding downward pressure on front-end rates.
Still, stronger economic conditions mean the hurdle for a rate cut remains high in the near term.Dovish data versus cautious board'The decision to keep the policy rate unchanged was unanimous, as revealed in the Riksbank’s minutes.''Jansson considered both a reservation and a rate cut during this meeting and signalled openness to a reservation at the upcoming meeting in March.''In contrast, Thedéen emphasised that the Riksbank should look beyond the short-term effects on inflation, stating that both inflation and macroeconomic conditions would need to undershoot expectations for a rate cut to be considered.''Flash inflation was lower than expected: CPI at 0.4% y/y, CPIF at 2.0% and CPIF excluding energy at 1.7%.''The low flash estimates will add to downward pressure at the front following Jansson's comments in the minutes.'
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