Strong fiscal numbers expected to support bond issuance reduction

ISRAEL - Report 14 Feb 2022 by Jonathan Katz

1. A surprisingly large fiscal surplus in January supports lower bond issuance going forward.

2. We expect January’s CPI to come in at 0.1% m/m and 3.0% y/y (accelerating from 2.8%).

3. We maintain our call for a rate hike on April 11; further tightening will be moderate, and the cycle fairly shallow.

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