PREVIEW: Bank to Wait Until September Projections

August Meeting of Little Consequence, Bank to Wait Until September Projections

• June's policy projections were a surprise, with the Norges Bank going against the tide of other global central banks and specifying a date by which they expect to begin tightening policy. With this month's decision restricted to just the announcement on rates and a small policy statement, the Norges Bank will wait until September before shedding any more light on their policy intentions.
• Ahead of the June release, there were some furtive clues that suggested the Bank could take a more proactive approach on the recovering economy including resilient debit card real-time transaction data and signs that the Norwegian property market had shrugged off any protracted downturn. This plays further into the view that financial imbalances and domestic stability are a key tenet for policy going forward.