Riksbank minutes reveal fissures on ‘leaning against the wind' amid low inflation

Stefan Ingves
Stefan Ingves

Minutes from the Riksbank's decision earlier this month to leave its key interest rate unchanged amid undershooting inflation reveal growing fissures between hawks and doves on the bank's executive board.

The Swedish central bank held the repo rate at 0.75% on April 8, citing growing household debt levels. That decision to ‘lean against the wind' was followed by surprisingly weak inflation data for March – prompting Olle Holmgren, an analyst at Swedish bank SEB, to describe governor Stefan Ingve

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