US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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

MNI Norges Bank Review: November 2024 - Caution Prevails

Norges Bank held rates at 4.50% as unanimously expected and made few changes to its cautious guidance.
Central Bank ReviewGlobalHomepageNorges - ReviewCEEMEACentral Bank ReportsNorwayMarketsStoryRegion
MNI (LONDON)

EXECUTIVE SUMMARY

  • Norges Bank held rates at 4.50% as unanimously expected and made few changes to its cautious guidance. The policy statement once again said that rates will “most likely be kept at 4.5 percent to the end of 2024”, as “the outlook for the Norwegian economy does not appear to have changed materially since the previous monetary policy meeting”.
  • The guidance was broadly consistent with the September MPR rate path, which assigns a ~20% implied probability of a 25bp cut at the December meeting and a near-certainty of such a move in Q1 2025.
  • Overall, we continue to expect Norges Bank to follow-through with its guidance and cut rates in Q1 2025, with the December monetary policy statement likely to guide more explicitly for such a move.

FULL PDF ANALYSIS HERE: MNI Norges Bank Review - 2024-11.pdf

136 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 and made few changes to its cautious guidance. The policy statement once again said that rates will “most likely be kept at 4.5 percent to the end of 2024”, as “the outlook for the Norwegian economy does not appear to have changed materially since the previous monetary policy meeting”.
  • The guidance was broadly consistent with the September MPR rate path, which assigns a ~20% implied probability of a 25bp cut at the December meeting and a near-certainty of such a move in Q1 2025.
  • Overall, we continue to expect Norges Bank to follow-through with its guidance and cut rates in Q1 2025, with the December monetary policy statement likely to guide more explicitly for such a move.

FULL PDF ANALYSIS HERE: MNI Norges Bank Review - 2024-11.pdf