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MNI Norges Bank Review: September 2023 - Moderately Hawkish

NORWAY

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.

  • Guidance for a December hike is 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.

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