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Macro Comment NorwayLower inflation target only affects interest rates long term

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News since Norges Bank's December meeting suggests a slightly higher policy rate path. We believe the new path will indicate an interest rate hike sometime after summer. The lowering of the inflation target to 2.0 percent should not affect policy in the short term, but the neutral level for the policy rate is also equally lower, implying lower nominal rates in the long term. 

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Kari Due-Andresen

Chief Economist Norway

Norway and UK

kadu01@handelsbanken.no

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