Norges Bank: Rate path seen steady – Nordea

Nordea’s Kjetil Olsen expects Norges Bank to keep its key policy rate at 4.5% next Thursday, in line with the September rate path. He notes mixed data: slightly higher core inflation and energy prices versus a stronger NOK and softer retail sales. Olsen argues communication will stay broadly unchanged and that rate cuts are unlikely before inflation clearly converges to the 2% target, which he does not foresee before 2028.