Monetary Policy Update December 2008. Repo rate cut to 2 per cent Repo rate expected to remain at same level during 2009 A large interest rate cut is.

Slides:

Advertisements

Similar presentations

Monetary Policy Report February Upturn on more solid ground.

Advertisements

MPU 2010: Figure 01. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty bands for the repo.

Monetary policy and financial stability Counteracting the effects of the global financial crisis Riksdag Committee on Finance, 13 November 2008 Governor.

Weak international public finances and Swedish monetary policy Deputy Governor Karolina Ekholm.

Monetary policy decision 8 October The financial crisis may worsen Reinforces the ongoing economic downturn Resulting in lower inflationary pressures.

Introduction on monetary policy Riksdag Committee on Finance 26 February 2009 Riksbank Governor Stefan Ingves.

Monetary Policy Update April Lower repo rate necessary to subdue the fall in production and employment and to attain the inflation target of two.

The current economic situation Jönköping March 2009 Deputy Governor Svante Öberg.

Governor Stefan Ingves Introduction on monetary policy Riksdag Committee on Finance 18 September 2012.

Governor Stefan Ingves The Swedish Economy and Monetary Policy NBP Warsaw 24 May 2012.

MPR July Figure Growth in the world and in Sweden Annual percentage change, seasonally adjusted data Sources: IMF, Statistics Sweden and.

Riksbank Governor Stefan Ingves Introduction on monetary policy Riksdag Committee on Finance 23 February 2012.

Monetary Policy Report July Unease in Europe casts a shadow over the Swedish economy.

Material for assessing monetary policy

The economic situation KOMMEK August Deputy Governor Svante Öberg.

Monetary Policy Update September Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty.

MPU April Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty interval does not take.

MPU September Figures Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty.

PPR 2008: Figure 1. Repo rate with uncertainty bonds Per cent, quarterly averages Source: The Riksbank.

MPR October Figure 1.1. Repo rate Per cent, quarterly averages Source: The Riksbank Note. Broken lines represent the Riksbank’s forecast.

MPR 2009 February Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank.

Monetary Policy Update April Lower repo rate necessary to subdue the fall in production and employment and to attain the inflation target of two.

Deputy Governor Martin Flodén Monetary policy considerations in unusual times SEB, Västerås 7 October 2015.

MPR 2008: Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank.

Monetary Policy Update April Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty.

1. Inflation and growth Annual percentage change Source: Statistics Sweden.

Swedish experiences of monetary policy with an inflation target Governor Stefan Ingves.

Material for assessing monetary policy Figure Difference between interbank rates and government bond rates (TED spread) Basis points Sources:

Norges Bank 1 Executive Board meeting 14 December 2005.

MPR 2008: Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank.

Material for assessing monetary policy Figure 2.1. Commodity prices Index 2005 = 100, USD and USD per barrel Sources: The Economist and Intercontinental.

MPR February Figure 1.1. Repo rate Per cent, quarterly averages Source: The Riksbank Note. The uncertainty band does not take into account the.

My view of monetary policy Handelsbanken, March 18 th 2011 First Deputy Governor Svante Öberg.

Monetary Policy Report October GDP growth in Sweden and the world Annual percentage change, seasonally-adjusted data Sources: The IMF, Statistics.

Monetary policy meeting September Swedish economy developing strongly Cost pressures increasing Financial unrest creates uncertainty View of future.

Monetary Policy Report October The recovery will take time.

Governor Stefan Ingves Introduction on monetary policy Riksdag Committee on Finance 3 March 2011.

Material for assessing monetary policy February 2008.

Monetary Policy Report October Low repo rate stimulates the Swedish economy.

Monetary Policy Report July Deep economic downturn Repo rate cut to 0.25 per cent Low repo rate over a long time Inflation close to target Signs.

Monetary policy decision October The repo rate is raised by 0.25 percentage points to 4 per cent The interest rate will need to be raised slightly.

Monetary policy update April The Swedish economy remains strong.

Monetary Policy Update 2008:2. Repo rate raised to 4.75 per cent Repo rate will remain at same level during the year It may be necessary to reduce the.

Monetary policy report July Swedish economy developing strongly.

Monetary Policy Update 2008:1 23 April Repo rate held unchanged at 4.25 per cent. The repo rate is expected to remain unchanged during the remainder.

MPU 2011 April 20 April Figure 1. Repo rate with uncertainty bands Per cent, quarterly averages Source: The Riksbank Note. The uncertainty bands.

Monetary Policy Report 2008:1

Barbro Wickman-Parak, 3 October 2007

1. The functioning of the financial markets is continuing to improve TED spread, basis points Note. TED spread is calculated as the difference between.

The current economic situation Swedbank

Potential GDP, resource utilisation and monetary policy Grand Hotel, Saltsjöbaden 7 October 2010 First Deputy Governor of the Riksbank Svante Öberg.

Monetary Policy Report February 2011

Monetary Policy Report 2008:3

Monetary Policy Report February 2012

Monetary Policy Report July 2011

Monetary Policy Update December 2011

Monetary Policy Update December 2010

Monetary Policy Update December 2009

Monetary Policy Report 2008:2

Monetary Policy Update April 2012

Monetary Policy Update September 2011

Monetary Policy Update September 2012

1. Financial markets functioning better Basis spread, basis points

Presentation transcript:

Monetary Policy Update December 2008

Repo rate cut to 2 per cent Repo rate expected to remain at same level during 2009 A large interest rate cut is necessary to dampen the fall in production and employment and meet the inflation target of two per cent

Repo rate cut Economic prospects weakening rapidly Inflation falling below target Unusually rapid economic downturn requires unusually large and rapid monetary policy measures Growth will recover in 2010

Economic activity weakening rapidly Purchasing managers index, manufacturing industry, index = 50 means unchanged activity Note. Vertical line at September. Source: EcoWin

Retail trade sales falling Annual percentage change Note. Vertical line at September. Seasonally-adjusted data. Source: EcoWin

Rapid weakening of labour market Redundancy notices and job vacancies, seasonally-adjusted data, thousands Source: Swedish Employment Service Note. Refers to preliminary outcomes for November

Rapid weakening of labour market Redundancy notices and job vacancies, seasonally-adjusted data, thousands Source: Swedish Employment Service Note. Refers to preliminary outcomes for November

GDP slowing down globally Annual percentage change, calendar-adjusted data Sources: the IMF, Statistics Sweden and the Riksbank Note. Broken lines and columns refer to the Riksbank’s forecasts.

GDP forecast for Sweden adjusted downwards Quarterly growth calculated as an annual rate, seasonally-adjusted data Note. Broken lines refer to the Riksbank’s forecasts Sources: Statistics Sweden and the Riksbank

Unemployment rising rapidly Percentage of labour force, seasonally-adjusted data Note. Broken lines refer to the Riksbank’s forecasts, years. Data prior to 1993 is spliced by the Riksbank Sources: Statistics Sweden and the Riksbank

Lower oil price pushes down inflation Brent crude oil, USD per barrel Sources: Intercontinental Exchange and the Riksbank

Drastic weakening of the krona TCW index 18 November 1992=100 Source: The Riksbank Note. Outcomes are daily rates up to 1 December 2008 and the forecasts refer to quarterly averages. Broken lines refer to the Riksbank’s forecasts.

Inflation below the target CPI, annual percentage change Sources: Statistics Sweden and the Riksbank

Large difference between repo rate and market rates Per cent Sources: Reuters EcoWin, Statistics Sweden and the Riksbank

Unusually large cut New information, analyses and assessments indicate that the repo rate should be as low as around 2 per cent Rapid weakening in economic activity Increased pessimism among companies and households Reduced impact of monetary policy The risks in acting too forcefully are less than the risks in ”waiting and seeing”

Measures for the financial system Loans (against collateral) in SEK and USD Changed collateral requirements Liquidity support to Kaupthing and Carnegie Commercial paper

Recovery will begin in 2010 Restored confidence in the banking system Reduced insecurity Increased demand from abroad Weaker krona Expansionary fiscal and monetary policy

Repo rate a forecast – not a promise Per cent, quarterly average Source: The Riksbank Diagram Note. Broken lines refer to the Riksbank’s forecasts