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Regional Network Survey Key For Dec Rate Path Projections

NORWAY
  • The Norges Bank's regional network survey at 0900GMT will be one of the last key data inputs (CPI due on Dec9th) for December's rate decision and fresh rate path projections.
  • Focus of the RNS will be on any continued weakness in household-facing sectors as well as construction after they drove the weakness in the last quarter.
  • Bank expected to raise rates by a further 25bps (another 'single' hike after slowing tightening in November), with rapidly slowing output and consumer confidence doing their part to drag CPI-ATE lower across the next calendar year (hit a series high of 5.9% in October data).
  • Nonetheless, this inflection point is clearly coming far later than assumed in the Q3 MPR, meaning the rate path could be steepened (higher for longer) in December. Today's data should support this view.
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