You don’t need to be a mind reader to figure out what the Norges Bank is thinking, and it now expects to start raising interest rates in late 2021. As it happens, given the momentum in oil prices and the housing market, we suspect that policymakers will tighten policy sooner and faster than they project. Elsewhere, the SNB will take centre stage next week with its first policy announcement of 2021. However, it is all but certain to leave its policy rate and settings unchanged.
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