Norway Central Bank Signals June Rate Hike
09 Mayo 2019 - 3:28AM
RTTF2
Norway's central bank left its key interest rate unchanged in
May, after hiking it in March, and signaled that the rate would be
most likely be raised in June, in line with its earlier
guidance.
The Executive Board of the Norges Bank held the key policy rate
unchanged at 1 percent, in line with economists' expectations.
The central bank raised the policy rate by 25 bps in March after
a similar size hike in September last year, which was the first
increase in the rate since 2011. "The outlook and balance of risks
continues to imply a gradual increase in the policy rate," the
Norges Bank said. "The Executive Board's current assessment of the
outlook and balance of risks suggests that the policy rate will
most likely be raised in June", Norges Bank Governor Oystein Olsen
said. The uncertainty surrounding global developments persists,
while in Norway, capacity utilization appears to be rising broadly
as expected and inflation has been slightly higher than projected,
the bank noted.
Citing new information, the Norges Bank said that the outlook
for the policy rate for the period ahead is little changed since
the March Report.
"In summary, Norges Bank clearly clarified that markets should
expect a rate hike in June, unless a considerable shock hits the
economy," Danske Bank analysts said. "Our call remains that of two
additional rate hikes in 2019 (June and December)."
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