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MNI STATE OF PLAY: Norges Bank Seen Hiking 50bps

(MNI) London

Norges Bank is set to hike its policy rate again on Thursday, and is widely expected to opt for another 50bps rather than surprising with a larger move

Norges Bank, which forged ahead of the central bank pack at the start of the tightening cycle, is widely expected to make another 50-basis-point increase on Thursday, rather than following the example of the neighbouring Riksbank, which surprised by picking up the pace of hikes with a 100-bp move on Tuesday.

Norges Bank’s approach has been to tighten early and to act predictably. Governor Ida Wolden Bache has said that a markedly higher policy rate is needed and that the next move was likely to come this month, but has also highlighted downside risks from higher rates hitting consumption and the housing market and there has been no clear indication that the Monetary Policy and Financial Stability Committee wants to further step up the pace of tightening

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Norges Bank, which forged ahead of the central bank pack at the start of the tightening cycle, is widely expected to make another 50-basis-point increase on Thursday, rather than following the example of the neighbouring Riksbank, which surprised by picking up the pace of hikes with a 100-bp move on Tuesday.

Norges Bank’s approach has been to tighten early and to act predictably. Governor Ida Wolden Bache has said that a markedly higher policy rate is needed and that the next move was likely to come this month, but has also highlighted downside risks from higher rates hitting consumption and the housing market and there has been no clear indication that the Monetary Policy and Financial Stability Committee wants to further step up the pace of tightening

Keep reading...Show less