Norges Bank signals significant further tightening

The Norges Bank hiked interest rates by 25bps to 3.25% today. This marks the sixth step in the tightening cycle which began in August 2005 and keeps rates tidily in line with those of the euro-zone. (See Chart.) It would have been a major surprise if the Bank had not acted today, given that it is widely expected to be the most aggressive of the European central banks in the current tightening cycle.

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