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MNI STATE OF PLAY: Norges Bank Hikes Faster, May Peak Earlier

(MNI) London

Norges Bank hiked 50 bps at its August meeting, faster than previously projected, and said rapid tightening now may avoid more hikes later

The Norges Bank hiked in August at a faster pace than it had anticipated in its June forecast, raising the policy rate by 50 basis points to 1.75 percent, saying that more rapid tightening now may ease the need for more hikes later.

The Monetary Policy and Financial Stability Committee's forecasts back in June were compatible with 25 basis point hikes at each of the four remaining meetings this year, starting with the August meet, with the policy rate then climbing to 3% by summer 2023. August’s decision and commentary now suggest that peak in the policy rate could be reached earlier than previously assumed.

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The Norges Bank hiked in August at a faster pace than it had anticipated in its June forecast, raising the policy rate by 50 basis points to 1.75 percent, saying that more rapid tightening now may ease the need for more hikes later.

The Monetary Policy and Financial Stability Committee's forecasts back in June were compatible with 25 basis point hikes at each of the four remaining meetings this year, starting with the August meet, with the policy rate then climbing to 3% by summer 2023. August’s decision and commentary now suggest that peak in the policy rate could be reached earlier than previously assumed.

Keep reading...Show less