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MNI STATE OF PLAY: Norges To Choose Between 25-, 50-BP Hike

(MNI) London

Rising inflation is putting Norges Bank under pressure to up the pace of hiking at its June meeting.

Norway’s central bank is set to deliver another rate hike at its June meeting as its inflation outlook continues to rise, either upping the tempo of tightening by announcing a 50-basis-point increase on Thursday, or staying at 25 points while releasing a projection indicating rates will rise more quickly than it had foreseen in March.

When hiking from 0.5% to 0.75% on March 23, Norges Bank’s Monetary Policy and Financial Stability Committee stated that the next move up would most likely be in June and it projected that the policy rate would rise to around 2.5% by the end of 2023. New Governor Ida Wolden Bache told MNI however that hikes could be in larger increments if needed to control inflation. (See MNI INTERVIEW: Norges Bank Head Says Could Up Tempo Of Hikes)

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Norway’s central bank is set to deliver another rate hike at its June meeting as its inflation outlook continues to rise, either upping the tempo of tightening by announcing a 50-basis-point increase on Thursday, or staying at 25 points while releasing a projection indicating rates will rise more quickly than it had foreseen in March.

When hiking from 0.5% to 0.75% on March 23, Norges Bank’s Monetary Policy and Financial Stability Committee stated that the next move up would most likely be in June and it projected that the policy rate would rise to around 2.5% by the end of 2023. New Governor Ida Wolden Bache told MNI however that hikes could be in larger increments if needed to control inflation. (See MNI INTERVIEW: Norges Bank Head Says Could Up Tempo Of Hikes)

Keep reading...Show less