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Bank desk views on today's Norges.......>

NORGES BANK
NORGES BANK: Bank desk views on today's Norges Bank MonPol decision:
- Citi: After a hawkish twist at the last policy meeting, the new information
available since then provides further evidence that the Norges Bank is on course
to start its hiking cycle later this year.
- Commerzbank: Since the last meeting in March, no valid new information has
been released that might trigger a re-assessment of the situation. Consequently,
the Norges Bank can remain sidelined until the next meeting.
- Danske Bank: We expect no new signals from Norges Bank. Since March, key
figures have been a bit disappointing. In particular, core inflation, as the
volatile airfares & food prices surprised on the downside in the run-up to
Easter. Adj. for this, core-core inflation actually rose y/y.
- JPMorgan: While there is still slack in Norway, the Norges Bank feels
confident enough to start its hiking cycle after summer. Although it expects
inflation to decline next year, above-trend growth will contribute to a return
to target by '21. We remain comfortable with our view that the rate hike will
take place in Sep & we do not exp. the Norges Bank to alter its wording today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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