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MNI Norges Bank Preview: December 2023 - Room to Wait and See

NORWAY

The Norges Bank’s December meeting outcome is likely the closest call amongst all DM Central Banks reporting this week.

  • On balance, the softening of underlying inflation in the November data alongside trends in activity data and global rate paths should buy the Norges Bank time to adopt a ‘wait and see approach’ in December and deliver a hold.
  • If this were to be realised, the revised policy path will still reflect the risk of an additional hike at the January meeting but may show a slightly lower peak rate (vs 4.44% in Q1/Q2 2024 at present).
Our full preview including a summary of 17 sell-side views can be found here:


MNI Norges Bank Preview - 2023-12.pdf


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