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Morgenmelding Danmark —

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

Morgenrapport Norge —

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

Macro Comment Norway — Norges Bank probably sees a lower likelihood of a cut

Since March, inflation has once again fallen short of Norges Bank's expectation, but the real economy has been stronger. We expect Norges Bank to keep its policy rate unchanged at 0.5 percent at its upcoming meeting but to lift its policy rate path slightly at the short end, thereby signalling a lower probability of the interest rate being cut in the near future. We believe that the longer end of the policy rate path will be low-ered slightly, as international interest rates have fallen since March.

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Comment — BoE is surprisingly hawkish

  1. Monetary policy unchanged, but three of eight MPC members wanted to hike the Bank Rate at this meeting
  2. Inflation has been higher than expected, but wage growth has been lower
  3. Brexit should keep the BoE on hold for next three years, we believe

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no