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Market Update: Norges Bank Holds Rates, Signals Hike in September
The Norges Bank held its benchmark interest rate at a record low of 0.0 percent during its June meeting, and signaled that the first post-pandemic rate hike is likely to come in September. Policymakers noted that economic activity seems to be rebounding sharply and somewhat faster than projected earlier, due to the acceleration of the vaccination pace and the latest reopening efforts. At the same time, underlying inflation has slowed and is now below the 2 percent target. Officials also said low interest rates reduced the risk of unemployment becoming entrenched at a high level and helped return inflation towards the target, but warned that they could also increase the risk of a build-up of financial imbalances. Looking ahead, the policy rate forecast is slightly higher than in the March 2021 Monetary Policy Report and implies a gradual rise from autumn 2021. source: Norges Bank [/s2If]
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