November’s low CPI, surprising on the downside, supports monetary easing

ISRAEL - Report 18 Dec 2023 by Jonathan Katz

1. November’s CPI came in below expectations as core inflation moderated significantly.

2. This renews expectations for a rate cut in January (in two weeks), assuming low shekel volatility.

3. The CA surplus and net FDI are expected to reach 5.5% GDP this year, but geopolitical/political uncertainty is affecting the shekel more at the moment.

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