Norges Bank: Holds Rates - Signals it is Prepared to Hike if Needed - Continuum Economics

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Norges Bank kept rates unchanged at 4.5% but kept open the possibility of further policy tightening should inflation remain high. The market does not expect any more hikes and neither do we. The Bank noted in the statement that “Inflation is too high. It will likely be necessary to keep the policy rate elevated for a time, and we are prepared to raise the policy rate if needed,” inflation has been constantly high and above target since 2020 reaching 3.4% in September but the Committee also does not want to restrict the economy more than needed. Ahead of the meeting there had been relatively little new information on the real economy. Registered unemployment continued to decline in September and is now marginally below Norges Bank's projection.