We are leaning towards a rate hike today

ISRAEL - Report 10 Jul 2023 by Jonathan Katz

1. We see a 60% probability of a rate hike today. Sticky service price inflation, a tight labor market, wage pressure, a weaker shekel and fairly steady growth will support further tightening.

2. Politics continue to impact markets, as the coalition presses forwards with cancelling the “reasonableness clause”.

3. The fiscal deficit widened in June, but the fiscal posture will become more challenging only in 2024.

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