Monetary caution due to elevated uncertainty

ISRAEL - Report 04 Mar 2024 by Jonathan Katz

1. Rates remained stable last week due to elevated uncertainty, both geo-political and fiscal.

2. Private consumption has rebounded since the initial impact of the war and is currently above pre-war levels.

3. The shekel continued to appreciate in expectation of an imminent cease-fire, seasonal FX selling, and higher global equity prices.

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