Concern regarding the judicial reform rattles the markets

ISRAEL - Report 30 Jan 2023 by Jonathan Katz

1. Growing concern regarding the proposed judicial reforms has supported a selloff of Israeli financial assets, including equities, bonds and FX.

2. Recent economic indicators point to slowing growth, including weaker private consumption.

3. Despite slowing growth, a weaker shekel will spill over over into inflation, supporting further monetary tightening to 4.0% in February, and quite likely to 4.25% in April.

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