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Norges Bank expected to cut rates this week – TDS

FXStreet (Edinburgh) - According to strategists at TD Securities, the Norges Bank could cut its benchark rate by 25 bp at this week’s meeting.

Key Quotes

“The painful adjustment to lower oil prices continues, and this month’s further deterioration in prices will not help: adjustment to past declines is still not complete, as evidenced by the latest dismal industrial production growth and the Regional Network Report”.

“We therefore anticipate a cut by the Norges Bank in an effort to prop up the non-energy sectors of the economy, with one more rate cut to come in 16Q1 before they can comfortably pass the baton over to fiscal policy to support the economy”.

“Headline and core inflation are both above target, but this won’t be of concern to the Norges Bank, who see it as a side-effect of boosting economic growth via a weaker exchange rate”.

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