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Nordea and SEB look for 50bp hikes next week

NORWAY
  • Nordea: "Today’s high core inflation figure clearly argues for Norges Bank to hike rates more quickly. It gives Norges Bank a clear reason to bring the key rate in Norway faster to a normal level than they indicated in June. They key rate in Norway has clearly been too low for too long. We believe Norges Bank will increase the key rate by 50bp next week after today's figure. If not, a September rate hike by 50bp is surely on the cards."
  • SEB: "CPI-ATE inflation surprised markedly on the upside... Core inflation was far above Norges Bank's 3.2% y/y estimate. Our forecast is far above Norges Bank's trajectory and more upward revisions are probable after this reading... higher inflationary pressures in Norway and globally combined with a stronger-than-expected labor market is likely to convince Norges Bank to deliver another 50bps hike at the upcoming intermediate rate decision on Aug 18."
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