Low CPI and strong shekel likely to support rate stability

ISRAEL - Report 20 Jun 2023 by Jonathan Katz

1. Inflation surprised on the downside in May, but service prices continue to accelerate.

2. The labor market remained tight in May, with unemployment holding steady at 3.6%.

3. Macro fundamentals remain shekel supportive although recently political uncertainty has been the main driver.

4. Our current assessment is that the tightening cycle has been completed, and monetary loosening is likely in early 2024.

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