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Rate Hike Decision Was Unanimous

Published onsdag 4 juli 2007 kl 12.57
Riksbank Deputy Governor Svante Öberg (center)

The recent decision by Sweden’s central bank, the Riksbank, to raise interest rates was unanimous, according minutes of the June 19 meeting published on Wednesday.

But deputy governor Svante Öberg says the central bank’s forecast for future rates was not hawkish enough.

The Riksbank announced a 25 basis point rise in the key repo rate to 3.50 percent, its second of the year, the day after the meeting.  It also outlined a more aggressive path for future interest rate increases due to rising wages, slowing productivity growth and expansionary fiscal policy.

The minutes show that Öberg entered a reservation against the bank’s monetary policy report. In its monetary policy report, the central bank said it expected rates to be around 4.0 percent at the end of this year.

The Riksbank targets inflation of 2 percent over its forecast horizon with a cushion of one percent either side.

Consumer price inflation was 1.7 percent in May. That was up from a February prediction of 3.5 percent. In the second quarter of 2008 rates were expected to average 4.2 percent, again higher than previously forecast, with the key repo rate flattening off at 4.4 percent in the second quarter of 2009.

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