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Nordea Push Back First Rate Cut To Dec '24 from Sep Prior

NORGES BANK
  • "The latest developments in the foreign exchange market highlights that what other central banks do and say is of high importance for the NOK".
  • "What the Fed eventually does is key for Norges Bank, even if the ECB starts lowering rates by the summer"...."We now think the Fed will delay the first rate cut to September this year".
  • "With core inflation still running significantly higher than 2% and with the upcoming wage negotiations that probably will result in wage growth in the 5-5½% area, Norges Bank will be extremely vary of a renewed weakening of the NOK".
  • "We expect that Norges Bank will continue with its cautious approach and that they won’t cut the key rate before December 2024".
  • "The risk is that we may very well not get any cuts this year if the economic resilience and inflationary pressures are sustained for longer than currently expected".
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