We expect a rate hike today, against market expectations

ISRAEL - Report 26 Nov 2018 by Jonathan Katz

We expect a rate hike today, against the overwhelming consensus expecting a rate-hold decision. A rate hike will be supported by inflation entrenchment, fairly steady growth, a tight labor market/wage pressure and recent shekel depreciation. Although the MPC may decide to wait for the new Governor to preside (in January 2019), we see the committee as capable of reaching a professional decision on its own.

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