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MNI Norges Bank Preview: September 2023: Another 25bp Expected

NORWAY
Norges Bank have guided for another 25bps rate hike at the September meeting.
  • The as-expected fluctuations in inflation, FX and economic growth make for a straight-forward decision on the headline deposit rate, although there will be a more complicated conversation re: policy guidance.
  • Softer food prices should give the board more confidence that the inflation peak has passed.
  • While off the August highs, the I-44 exchange rate is a less problematic issue for the rate path projections.
  • Our full preview including a summary of sell-side views can be found here.

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