MNI Norges Bank Review - Jan 2024: Balanced Approach Remains

The Norges Bank delivered few surprises in its first meeting of 2024, unanimously holding the policy rate at 4.50% and signalling that it would likely be “kept at that level for some time ahead”.

• In the press conference, Governor Bache noted that the rate outlook has not changed significantly since December.
• Overall, we think some of the language changes in the statement were hawkish on the margin.
• Our takeaway is that the Norges Bank do not want to commit to any major guidance changes without an updated set of forecasts to justify the shift in stance.

For our full review, including a summary of 11 sell-side views, please see the following PDF:

MNI Norges Bank Review - 2024-01.pdf