MNI BRIEF: Canada NDP Will Bring Nonconfidence Motion In Jan.

CANADA NDP SAYS WILL INTRODUCE NONCONFIDENCE MOTION

STATSCAN SAYS NOV FLASH RETAIL SALES `RELATIVELY UNCHANGED'

MNI China Daily Summary: Friday, December 20

MNI: PBOC Net Drains CNY103.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1901 Fri; -2.13% Y/Y

EZ/UK Bond Supply Calendar: BOE APF Sales Due 6 January

MNI: BELGIUM DEC BNB BUSINESS CONFIDENCE -13.8

MNI: US NOV PERSONAL INCOME +0.3%; NOM PCE +0.4%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI Norges Bank Review: Dec '24 - Eyes Turn to March

Norges Bank held rates at 4.50% as unanimously expected in December.
Central Bank ReviewHomepageNorges - ReviewCEEMEACentral Bank ReportsNorwayMarketsStory

MNI (LONDON) - EXECUTIVE SUMMARY

  • Norges Bank held rates at 4.50% as unanimously expected in December. The policy guidance and rate path was largely in line with expectations, limiting the immediate market reaction in NOK FX and rates. 
  • The policy statement signalled that rates would most likely be cut at the next MPR meeting in March, noting that “a restrictive monetary policy is still needed to stabilise inflation around target”. 
  • The December rate path saw a small upward revision through the forecast horizon, more so further out the curve. There was up to a 15bp upward revision through 2025 and 2026, though the 20bp revision in Q4 2027 was probably a little more hawkish than expected. 
  • Looking at initial reactions from sell-side analysts, there are no major forecast changes to note. Most analysts expect quarterly cuts through 2025, a little more dovish than Norges Bank’s December projections. 

SEE HERE FOR THE FULL PUBLICATION: MNI Norges Bank Review - 2024-12.pdf

image
158 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

MNI (LONDON) - EXECUTIVE SUMMARY

  • Norges Bank held rates at 4.50% as unanimously expected in December. The policy guidance and rate path was largely in line with expectations, limiting the immediate market reaction in NOK FX and rates. 
  • The policy statement signalled that rates would most likely be cut at the next MPR meeting in March, noting that “a restrictive monetary policy is still needed to stabilise inflation around target”. 
  • The December rate path saw a small upward revision through the forecast horizon, more so further out the curve. There was up to a 15bp upward revision through 2025 and 2026, though the 20bp revision in Q4 2027 was probably a little more hawkish than expected. 
  • Looking at initial reactions from sell-side analysts, there are no major forecast changes to note. Most analysts expect quarterly cuts through 2025, a little more dovish than Norges Bank’s December projections. 

SEE HERE FOR THE FULL PUBLICATION: MNI Norges Bank Review - 2024-12.pdf

image