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Less Explicit Forward Guidance

NORGES BANK
  • The Norges Bank left policy rates unchanged in a unanimous decision in which they stated that the "New information largely confirms the picture of the economic developments presented in the June Report."
  • The Norges Bank did not release new forecasts, just gave updates in relation to the June MPR stating "Economic activity overall appears to have picked up broadly as projected in the June Report."
  • On inflation: "Overall inflation is low. At the same time, underlying inflation has risen and is higher than the inflation target. The krone appreciation and prospects for low wage growth suggest that inflation will moderate further out."
  • The forward guidance removes the explicit reference to rate hikes except in response to the June forecasts. It now reads: "The Committee's assessment of the outlook and balance of risks suggests that the policy rate will most likely remain at today's level for some time ahead." In June it said: "The policy rate forecast implies a rate at the current level over the next couple of years, followed by a gradual rise as economic conditions normalise."
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