In February, the Riksbank lowered its key rate to negative levels.
Now shock lowers again.
The new rate: minus 0.25 percent.
Meanwhile, now accused Riksbank to have leaked the decision in advance to Swedbank.
Even earlier the rate was a record low. The repo rate has neither been zero or negative wealth.
Now Riksbank cuts interest rates further by 0.15 percentage points to – 0.25 percent. A difficult team inversely historical record.
– I had not expected it. For my part, it signals some sort of panic. Recent inflation outcome was slightly higher than had been anticipated. I can imagine some doubts about it, says Tor Borg, chief economist at SBAB.
Has been criticized
Risk bank has previously been criticized because they have not responded sufficiently strongly to inflation.
Are they trying to make up lost ground?
– Yes a little so. One should not call it an overreaction, but little feeling that now we really sure that influence expectations.
What does this mean for savings and mortgage rates?
– It remains to be seen how the market reacts to this. My best guess is that it will have little impact.
Denmark has introduced negative savings rates. At last drop assured all the banks that they would not introduce negative savings rates.
What will happen with the new cut?
– For individuals, I do not that it will introduce negative savings rates. I think that you never will see. When do you charge a fee instead, as one does on current accounts, says Tor Borg.
“Who’s the leak?”
The Riksbank’s statement called unexpectedly and an acute reduction of the experts Aftonbladet talked to . But Anders Nordberg, an economist at Länsförsäkringar believe that the decision may have been leaked before. As early as March 13, Swedbank published a newsletter in which they wrote that the Riksbank would probably cut the policy rate in connection with Wednesday’s Board meeting, according to Dagens Industri. The bank should also have predicted that support purchases of government securities would increase.
Anders Nordberg now writing on Twitter that he suspects a leak:
“Swedbank predicted the Riksbank’s repo rate cut and further QE. There was no analysis without an inside job. Who is the leak? “.
For the newspaper he points out, however, that he writes in a personal capacity.
– I do not speak as LF economist he says Di.
“Someone leak is not a question of”
The Riksbank cuts out the allegation. Press Secretary Frederick Wange says that banks are constantly trying to predict the Riksbank’s actions.
– Sometimes it happens to coincide with the decisions we make. But there is nothing to indicate that any bank would have been informed in advance, he said.
Claes Warren, press contact at Swedbank says:
– We have conducted an analysis which smote right. Someone leak is not talking about, he said.
Aftonbladet has sought Anders Nordberg for comment.
Do not happened since 2008
The Riksbank has six regular meetings if the policy rate each year. That’s when they usually decides on interest rates in the near future. The last one took place on 12 February.
Now, the Riksbank’s six members on a regular Board meeting decided to cut its benchmark interest rate.
– They can make a monetary policy decisions when they need to. Last time they made a decision outside the scheduled monetary policy meetings was the fall of 2008, says Tomas Lundberg, press officer at the Bank.
Can be lowered even more
An even more expansionary monetary policy needed to cope inflation target, the Riksbank in a press release.
They see signs that inflation is going up, but the trend is likely to be broken when the krona has strengthened in recent times. The Executive Board has therefore decided to cut the repo rate to a record low 0.25 percent to help inflation. The Riksbank must also buy government bonds for 30 billion.
The repo rate is expected to remain at minus 0.25 percent at least until the second half of 2016. It is then expected to rise gradually, but at a slower pace than forecast in February.
The Riksbank flagging in addition to further rate cuts can be made, even between the regular monetary policy meetings, to ensure that inflation is rising. They also remains ready to take other measures to achieve the goal.
How do you save your money? Read more here .
No comments:
Post a Comment