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MNI Norges Bank Review: September 2023 - Moderately Hawkish

Executive Summary:

  • Bank raises rates by 25bps to 4.25%, as expected.
  • Guidance for December hike reflected in higher policy path projections.
  • Firming oil price backdrop the key driver, with domestic factors little changed.
Our full review including a summary of sell-side views can be found here:

MNI Norges Bank Review Sep 23.pdf


The Norges Bank’s decision to raise rates to 4.25% was firmly as expected, however guidance for a further rate hike later this year and a higher policy path projection made for a moderately hawkish meeting vs market consensus. The bank’s guidance for a further tightening step in December leaves markets primed for a new peak policy rate of 4.50%.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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