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NORGES BANK
Norges Bank held rates at 4.50% as unanimously expected, though the policy path appears to have been revised higher than analysts had expected.
Highlights from the policy statement:
- As before: “the policy rate will likely be kept at that level for some time ahead”
- “The Committee was concerned with the possibility that if the policy rate is lowered prematurely, inflation could remain above target for too long”.
- Key bit here: “If the economy evolves as currently envisaged, the policy rate will continue to lie at 4.5 percent to the end of the year, before gradually being reduced,” says Governor Ida Wolden Bache.
- Link here:
The peak of the policy rate path is unchanged, but the average Q1 2025 level has been revised up 26bps.
- At first glance this seems a larger revision than was expected by the few analysts who submitted quantitative forecasts of the rate path.
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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