Despite the low CPI print, a 0.5% hike in July is likely

ISRAEL - Report 21 Jun 2022 by Jonathan Katz

1. May’s CPI surprised on the downside, although core inflation continued to push higher.
2. We see inflation y/y accelerating steadily this year, supportive of fairly aggressive tightening.
3. Although the CA surplus remains shekel supportive, in the short run, equity market volatility will be the dominant driver.

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