On the other hand: The starting point is that inflation is well below target, 0.8 percent according to the latest statistics. And the economy is relatively weak, he notes.
"Therefore, there is room to wait," he says at a press conference about the decision to leave the interest rate unchanged, an announcement that was expected according to economists' forecasts.
"The Swedish Central Bank is balancing too-low inflation here and now with the risk of too-high inflation later on," says Nordea's chief analyst Torbjörn Isaksson.
The starting point in these uncertain times is still favourable, with unexpectedly low inflation. Therefore, the Swedish Central Bank can wait and see even if the risk of rising inflation in the wake of the energy crisis is imminent, according to Isaksson, who is supported by Susanne Spector, chief economist at Danske Bank.
No false security
Even if the Swedish Central Bank waits, the door to rate hikes is kept open, the analysts note.
"We don't want to instill a false sense of security in households by repeating that the interest rate will remain unchanged in the main scenario," says Spector.
It's all about the war in the Middle East. The uncertainty is "genuine" and there will be no forecast for the interest rate going forward this time, according to Erik Théeden.
"This time we are very careful with signaling," he says.
But if the effects of the war worsen, the Swedish Central Bank will keep its finger ready on the interest-rate button.
"If the war were to have major effects on the global economy and lead to a broad and lasting rise in inflation, the Swedish Central Bank would need to raise the key interest rate," the Swedish Central Bank writes.
Signals unchanged interest rate going forward
But with the low inflation at the original level, the Swedish Central Bank can remain silent - even at the next meeting in June, believes Torbjörn Isaksson. His forecast, albeit uncertain, is that interest rates will remain unchanged for the rest of the year.
Susanne Spector argues in a similar way:
"The low inflation outcomes mean that we can wait and see. And I also interpret the announcement as meaning that the Swedish Central Bank is not convinced that interest rate increases will be needed either."
