Further tightening will be data dependent

ISRAEL - Report 30 May 2023 by Jonathan Katz

1. Last week the shekel weakened sharply on concerns regarding geopolitical risks and the possible renewed unilateral judicial overhaul.

2. A weaker shekel will translate into higher inflation (we see a 15% pass-through).

3. Unless this trend is reversed, the likelihood of a rate hike in July has increased, depending on May’s CPI.

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