Rates Unchanged, As Expected

Norges Bank hold rates at 4.50% as unanimously expected. Full statement here: https://www.norges-bank.no/en/topics/Monetary-poli...

Statement highlights:

• The policy rate will likely need to be maintained at the current level for some time ahead
• High wage growth and the krone depreciation through 2023 will contribute to keeping inflation elevated ahead.
• If cost inflation remains elevated or the krone turns out to be weaker than projected, inflation may remain high for longer than currently projected.
• In that case, the Committee is prepared to raise the policy rate again. If there is a more pronounced slowdown in the Norwegian economy or inflation declines more rapidly, the policy rate may be lowered earlier than currently envisaged.