Rate stability expected today, with an easing bias

ISRAEL - Report 27 Nov 2023 by Jonathan Katz

1. A rate-hold decision today is likely, with a strong easing bias. This could entail an unscheduled revised macro forecast for 2024, including a lower policy rate forecast.

2. “Broad” unemployment spiked to 10.4% in October; one quarter of all those usually employed were absent from work for various reasons.

3. Real-time data point to stability in credit card purchases in several sectors, at levels much lower than pre-hostilities.

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