Soft core inflation and weak underlying growth support a rate cut

ISRAEL - Report 18 Nov 2019 by Jonathan Katz

Although headline GDP growth was robust, GDP growth excluding inventories actually contracted in Q319. The quarter witnessed a contraction of exports, investment in capital goods, and non-durable consumption per capita. We think that both the latest CPI and GDP data support a rate cut of 0.15% on November 25. In politics, if Gantz does not succeed in forming a coalition by Wednesday, another round of elections appears increasingly likely.

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