All governors said the policy rate increase to 2.0% should be treated as the start of a natural normalisation process. The minutes showed a shared stance in which concern centred on the inflation outlook, while confidence in Sweden’s growth prospects was stronger. Uncertainty remained elevated, yet the discussion focused more on indicators pointing to rising price pressures than on spot inflation readings.
Views on Rate Path and Policy Outlook
On timing, Jansson left open the possibility of another move in December, while Seim offered no firm steer but argued for acting early. Thedéen repeated the existing rate path and appeared to favour two increases early next year. Bunge avoided explicit guidance but advocated gradual hikes, and Hjelm’s base case was for one additional increase. Overall, the minutes broadly matched expectations while leaning to the hawkish side, with a forecast still calling for two more hikes in February and March to 2.50%.
