Low inflation will allow the BoI to tolerate some shekel weakness

ISRAEL - Report 28 Aug 2023 by Jonathan Katz

1. Recent economic indicators point to some deceleration, although the labor market remains tight.

2. We see upside risks to our inflation forecast, especially if the shekel continues to weaken.

3. Inflation moderation will support a rate-hold decision next week, but an October rate hike cannot be ruled out.

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