MNI Norges Bank Preview - Jan '24: Watchful Of Guidance Changes

EXECUTIVE SUMMARY

• The Norges Bank are unanimously expected to leave the policy rate on hold at 4.50% to begin 2024.
• Main interest will lie in whether any changes are made to the policy guidance, though we expect the primary guidance paragraph/quote from Governor Bache to be broadly unchanged.
• We think only a sizeable shift in stance will be enough to prompt a material reaction from NOK, as this meeting is viewed by many as a formality, before more interesting questions on the rate path arise in March

Our full preview including a summary of 16 sell-side views can be found here:

MNI Norges Bank Preview - 2024-01.pdf