Riksbank Minutes: overall, members are skewed towards further tightening, but the exact timing is less clear

Jansson Highlights the more complicated inflation picture, upside inflation risks and SEK weakness not helping. "...consider it likely that the policy rate will be raised further over the coming year, in line with our monetary policy plan from September"; specifically, with reference to "just under two" increases, rather than the exact timing. Does not think the November meeting impacts the prospect of a move in December. "...even if it becomes appropriate to raise the policy rate slightly faster than envisaged in the September forecast, this is still a matter of a relatively cautious normalisation of monetary policy" Hjelm "I assess that upside risks dominate relative to the inflation forecasts from September" "It remains to be seen to what extent the policy rate needs to be raised to achieve this overall, but I assess a further increase as likely given the current outlook." Seim "... my assessment is that we should now make monetary policy less expansionary so that the economy does not grow too quickly and create a more serious inflation problem. I believe that acting early reduces the risk that we will need to act more forcefully later" Bunge "...should apply a gradual approach going forward" "... I find reason to repeat that we should carefully evaluate the need for each step going forward. That said, the direction is clear, and a tighter monetary policy will likely be needed going forward to keep inflation at the target." Thedeen "If no major surprises occur that lead us to reconsider the main features of the outlook for economic activity and inflation, I expect that we will raise the policy rate in line with our September forecast over the coming six months or so."