A rate cut appears imminent

ISRAEL - Report 16 Oct 2023 by Jonathan Katz

1. We expect rates to decline by 0.5%-0.75% by next week in an effort to support the economy due to the sharp decline in activity.

2. Inflation in September surprised on the downside, declining to 3.8% y/y from 4.1%, and will facilitate monetary easing.

3. The recent outbreak of hostilities is expected to cumulatively shave off 1% from GDP growth in 2023-2024.

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