Today’s appointment of Jens Stoltenberg as the new Governor of the Norges Bank is a slap in the face for the bus driver, plumber, and baker who had applied for the job, as well as the two thirds of Norwegians that favoured Ida Wolden Bache to succeed Øystein Olsen. In any case, his arrival will not alter the direction of policy at the Bank, and we expect it to tighten by more than investors expect by end-2023.
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