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Vaccine News Prompts Steeper Rate Path

NORGES BANK
  • A steeper path from Norges Bank, most sell-side has seen only minor tweaks but this is more sizeable and brings forward first hike by about six months.
  • Bank pins the rate path tweak largely on vaccine news: "Vaccine availability will likely speed up the recovery through 2021 compared with that projected in the September Report."
  • EUR/NOK on session lows and testing levels last seen late November.
Sept. ProjectionsDec. ProjectionsChange (bps)
31/12/20200.000.00-
31/03/20210.000.00-
30/06/20210.000.00-
30/09/20210.000.00-
31/12/20210.000.00-
31/03/20220.020.09+7bps
30/06/20220.060.21+15bps
30/09/20220.120.36+24bps
31/12/20220.210.51+30bps
31/03/20230.320.66+34bps
30/06/20230.420.77+35bps
30/09/20230.500.86+36bps
31/12/20230.570.93+36bps

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