The minutes were published ahead of Friday's preliminary inflation figures for January from Statistics Sweden (SCB), which could have a major effect on the Swedish Central Bank's next interest rate decision.
At the January meeting, the Swedish Central Bank left the policy rate unchanged at 1.75 percent and made no adjustments to its interest rate path, which indicates that the policy rate will remain at the current level until the end of 2026 and be raised to 2.00 percent by the end of 2027.
Uncomfortably low
Jansson objects to the interest rate path, but does not want to formally record a reservation because it stems from a meeting in December. He sees the krona as an inflation problem that may need to be addressed.
"Waiting to act risks leading to a need for even greater monetary policy easing later, and if one falls significantly behind, could mean being forced again to approach key interest rate levels that feel uncomfortably low," Jansson said, according to the minutes.
Riksbank Governor Erik Thedéen also sees that the strengthening of the krona is pushing down inflation, but he sees it as a temporary effect and does not believe the interest rate needs to be lowered further.
A reduction in the key interest rate normally drives variable mortgage rates down by about the same amount. If the mortgage rate on a three million SEK mortgage were to fall by 0.25 percentage points, it would reduce the interest cost of the loan by SEK 7,500 per year, ignoring the effects of the interest deduction.
Has a casting vote
Since former First Deputy Governor Anna Breman left the Executive Board to become Governor of the Central Bank of New Zealand, there are only four members on the Swedish Central Bank's Executive Board.
In addition to Thedéen and Jansson, Aino Bunge and Anna Seim are on the board.
If there were a two-to-two vote on the interest rate, Riksbank Governor Erik Thedéen would have the casting vote.
An announcement of a new member of the Executive Board is expected during the first quarter.
