The tide has turned against the AstraZeneca vaccine in Denmark and Norway and fewer available vaccine doses could delay the rollouts in the Nordics, potentially by several months. At this stage, we see nothing to change our view that the Norges Bank will be the first advanced central bank to start raising rates, later this year. However, the recent developments mean that the start of hikes could be delayed a bit, from late-summer as we currently assume, possibly into Q4.
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