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Chief Analyst at Danske Bank Jakob Christensen sees the Scandinavian central bank raising rates at its meeting on September 20.

Key Quotes

“Yesterday, Norges Bank as expected left the policy rate unchanged at 0.50%. This was an ‘intermediate’ meeting, i.e. there was no monetary policy report or press conference, just a press release”.

“Also as expected, Norges Bank continues to signal a September hike despite global turmoil: ‘The Executive Board’s assessment is that the upturn in the Norwegian economy appears to be continuing broadly in line with the picture presented in June’.

“Underlying inflation is below the inflation target but the driving forces indicate that it will rise further out. Overall, the outlook and the balance of risks do not appear to have changed. We still expect Norges Bank to hike rates on 20 September”.