Robust labor data (despite Omicron) is rate hike supportive

ISRAEL - Report 31 Jan 2022 by Jonathan Katz

1. The labor market improved in the first half of January despite the deceleration impact of Omicron.

2. The Omicron wave appears to be peaking, and restrictions on schools and other activities are gradually being lifted.

3. We have updated our inflation forecast in February to 0.4% m/m (3.1% y/y) due to a weaker shekel and higher petrol prices.

4. Assuming recovery is fairly rapid, we maintain our call for a rate hike on April 11, otherwise an end-of-May hike is likely.

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