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ISRAEL: BoI Expected To Sit On Its Hands

ISRAEL
EM BulletBulletEmerging Market NewsMiddle East

The Bank of Israel (BoI) will announce its decision on the base rate at 14:00GMT/16:00IST, with all economists polled by Bloomberg expecting an on-hold decision.

  • BNY Mellon wrote that "markets will be looking for any further suggestion that easing is on the horizon." They note that "in January the BoI was clear regarding ongoing supply constraints and other points of economic normalization are required before the path clears for a new phase in the cycle."
  • JP Morgan expect the BoI to remain on hold today, noting that "not much has changed in the data flow to sway the BoI’s thinking in either direction." They also cite previous cautious guidance, which "will likely take precedence over further improvements in assessments of geopolitical risks and Israel asset prices, but communications will likely strike a less hawkish tone."
  • Scotiabank note that "Governor Yaron had guided on January 28th that one or two base rate cuts could be delivered by 2H2025 conditioned on achieving their forecasts notwithstanding what he described at 'great uncertainty.' That implies a protracted hold through at least the next three meetings over 2025H1."
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The Bank of Israel (BoI) will announce its decision on the base rate at 14:00GMT/16:00IST, with all economists polled by Bloomberg expecting an on-hold decision.

  • BNY Mellon wrote that "markets will be looking for any further suggestion that easing is on the horizon." They note that "in January the BoI was clear regarding ongoing supply constraints and other points of economic normalization are required before the path clears for a new phase in the cycle."
  • JP Morgan expect the BoI to remain on hold today, noting that "not much has changed in the data flow to sway the BoI’s thinking in either direction." They also cite previous cautious guidance, which "will likely take precedence over further improvements in assessments of geopolitical risks and Israel asset prices, but communications will likely strike a less hawkish tone."
  • Scotiabank note that "Governor Yaron had guided on January 28th that one or two base rate cuts could be delivered by 2H2025 conditioned on achieving their forecasts notwithstanding what he described at 'great uncertainty.' That implies a protracted hold through at least the next three meetings over 2025H1."