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NORGES BANK: MNI Norges Review-Jan '25: March Guidance Solidified

NORGES BANK
Central Bank NewsCEEMEANorges BankBulletNorwayMarketsFixed Income BulletsForeign Exchange Bullets

EXECUTIVE SUMMARY: 

  • Norges Bank held rates at 4.50% and continued to guide for a March cut, as unanimously expected. The reaction in NOK FX and rates was unsurprisingly immaterial.
  • In the press conference, the Governor played down subtle differences in wording between the January and December policy statements and refrained from giving any signals around the future outlook for rates or the economy.
  • As is often the case at interim meetings, the Governor signalled that more information will be provided at the March decision, which includes an updated MPR and rate path projection.
  • By March, Norges Bank will be able to incorporate the outcome of the 2025 wage negotiations and another Regional Network Survey into its outlook, alongside developments in inflation, mainland activity and the exchange rate. More details on US President Trump’s trade policies may also be available by then.
  • For the full publication, see here.
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EXECUTIVE SUMMARY: 

  • Norges Bank held rates at 4.50% and continued to guide for a March cut, as unanimously expected. The reaction in NOK FX and rates was unsurprisingly immaterial.
  • In the press conference, the Governor played down subtle differences in wording between the January and December policy statements and refrained from giving any signals around the future outlook for rates or the economy.
  • As is often the case at interim meetings, the Governor signalled that more information will be provided at the March decision, which includes an updated MPR and rate path projection.
  • By March, Norges Bank will be able to incorporate the outcome of the 2025 wage negotiations and another Regional Network Survey into its outlook, alongside developments in inflation, mainland activity and the exchange rate. More details on US President Trump’s trade policies may also be available by then.
  • For the full publication, see here.