Another downside inflation print; a rate cut is on the table

ISRAEL - Report 16 Feb 2024 by Jonathan Katz

1. Inflation in January (0.0% m/m, 2.6% y/y, down from 3.0%) was at the low end of expectations; presently, we give a rate cut at the upcoming meeting a 55% probability.

2. Economic indicators were generally positive last week.

3. The trade deficit declined sharply in January as exports have stabilized while imports continue to decline, in part due to shipping disruptions.

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