Israel’s rating downgrade with negative outlook surprises markets and reduces the probability of a rate cut in two weeks

ISRAEL - Report 12 Feb 2024 by Jonathan Katz

1. Moody’s decision to place Israel on “negative outlook” (A2) resulted in higher bond yields and a weaker shekel.

2. January’s tax revenues surprised on the upside, resulting in a fiscal surplus.

3. Business sentiment continued to improve gradually in January as the economy recovers.

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