While both the Riksbank and the Norges Bank kept monetary policy unchanged this week, they signalled in their policy statements that they intend to raise interest rates in the coming months. With inflationary pressures building, we expect the Riksbank to start hiking in December and the Norges Bank to follow September’s rate rise with another in Q1 2019. But if oil prices fall as we expect, then the Norges Bank is likely to end its tightening cycle earlier than investors anticipate.
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