We expect the BoI policy rate forecast to remain 0.5% at end-19

ISRAEL - Report 09 Jul 2018 by Jonathan Katz

Wage growth moderated in April, and the number of new workers has slowed considerably, both factors supportive of moderate inflationary pressure. The BoI policy rate forecast (with today’s rate decision) is likely to remain dovish, with the first rate hike pushed out to Q119, with one more hike in 2019 to 0.5%.

Zoom in: The bond market is pricing in more aggressive tightening, which we view as unlikely.

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