September 28, 2022

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Danske Bank: Norges Bank does not need to raise rates in 2023

Danske Bank: Norges Bank does not need to raise rates in 2023

An increase in interest rates by the Federal Reserve (Fed) and the European Central Bank (ECB), combined with the high inflation we are currently observing, will slow global growth and mean that the Bank of Norway will not need to raise rates again in 2023.

This is what Danske Bank’s chief economist, Frank Gollum, told TDN Direkt on Friday.

Glum believes Norges will raise rates by 50 basis points at its mid-term meeting next week, but the increases will be only 25 basis points per meeting until the end of the year.

We believe that rate increases from the Federal Reserve, the European Central Bank and others, along with the effects of higher inflation, will slow global growth enough that the Fed will not raise interest rates again next year – Globally growth and inflation are clearly on the way to lower , as he tells TDN Direkt and continues:

– With lower global price volatility and the impact of higher interest rates and high inflation on the Norwegian economy – and remember we believe we believe in a 150 basis point interest rate hike in Norway in six months – we don’t think it will be necessary to raise interest rates further in 2023.

The consensus among the seven economists TDN Direkt has been in contact with is that the interest rate will be 2.75 per cent at the end of the year. Gloom believes the interest rate will be 2.25 per cent at the end of the year.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.