The Norges Bank hiked interest rates by 25bps to 3.5% today. This marks the seventh step in thetightening cycle which began in June 2005 and keeps rates tidily in line with those of the euro-zone.(See Chart 1.) It would have been a major surprise if the Bank had not acted today, given that it iswidely expected to be the most aggressive of the European central banks in the current tightening cycle.
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