Fast Comment Norway — CPI-ATE well above expectations; supporting further rate hikes in 2019 (March and September)

1. CPI-ATE at 2.2 percent in November, against expectations of 1.9 percent
2. The near-term momentum has been greater than anticipated by Norges Bank
3. Notwithstanding increasing global uncertainties, Norges Bank will stick to its plan of hiking the policy rate twice in 2019

Morgenrapport Norge —

Fast Comment Norway — Preview: core inflation in November pulled up by base effects; neutral to Norges Bank

1. CPI-ATE expected at 1.8 percent in November, up from 1.6 percent in October; driven by a base effect
2. Matching Norges Bank's estimate
3. Even a slight surprise to the upside would be neutral to the key policy rate path

Fast Comment Norway — Positive trend in manufacturing; the outlook remains bright, supported by rising petroleum investments

1. Manufacturing output up by 1.5 percent in October; better than expected
2. Consensus expected 0.8 percent; we had forcast 1 percent
3. Manufacturing output has pulled up by 1 percent over the past three months

Morgenrapport Norge —

Macro Comment Norway — Norges Bank set to lower its policy rate path again

In September, Norges Bank surprised analysts by lowering its policy rate path. It seemed global uncertain-ties had made the central bank reassess its outlook for the Norwegian economy. In December, we believe Norges Bank will lower its policy rate trajectory again, effectively cancelling one of the six rate hikes it had planned for the coming three years.