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NORGES BANK
The finance ministry announced earlier in the week that the new governor due to replace Oystein Olsen would be confirmed on Friday. Finance Minister Vedum will hold a press conference at 1230 local time / 1130GMT to announce the decision.
There is a small list of runners and riders seen as Olsen's potential replacement:
- Jens Stoltenberg - the current NATO Secretary General and former Prime Minister of Norway. Had previously been an economics lecturer and worked at Statistics Norway. Policy stance difficult to gauge, but is expected to retain pragmatic approach of prior committee. His candidacy has proved controversial as he would retain his NATO position for a further seven months and has close ties to the current government.
- Ida Wolden Bache - the current deputy governor of the Norges Bank and has had a storied career at the central bank spanning almost 25 years.
Due to the Norges Bank's methodical and model-driven approach to setting policy, it's unlikely a new governor would be able to preside over a sharp change in direction for policy, with markets still expecting as many as three further rate hikes in 2022.
Figure 1: December Path Projections:
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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