Monetary Policy Update September 2012

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Presentation transcript:

Monetary Policy Update September 2012

Counteracts low inflation ahead Repo rate cut Counteracts low inflation ahead

Continued unease on financial markets Government bond rates with 10 years left to maturity, per cent Source: Reuters EcoWin

Structural problems in Europe Unit labour cost Index, 1999 = 100 Source: OECD

Weak developments in euro area GDP, annual percentage change Sources: Bureau of Economic Analysis, Eurostat and the Riksbank

Swedish economy relatively strong GDP, quarterly changes in per cent calculated as an annual rate, seasonally adjusted data Sources: Statistics Sweden and the Riksbank

Growth dampened in coming period Index, average = 100, standard deviation = 10 Source: National Institute of Economic Research

Stronger krona Competition-weighted nominal exchange rate, TCW, Index, 18 Nov 1992 = 100 Source: The Riksbank

Labour market in line with expectations Per cent of the labour force, aged 15-74, quarterly data, seasonally adjusted data Sources: Statistics Sweden and the Riksbank

Lower inflationary pressure Weak growth in the coming period Good productivity growth Stronger krona

Lower repo rate Repo rate, per cent, quarterly averages Source: The Riksbank

Inflation rising towards the target Annual percentage change. The CPIF is the CPI with a fixed mortgage rate Sources: Statistics Sweden and the Riksbank

A forecast, not a promise Repo rate, per cent, quarterly averages Source: The Riksbank

Repo rate cut Counteracts low inflation ahead