Despite concern about inflation, shekel appreciation may support lowering the interest rate

ISRAEL - Report 25 Mar 2024 by Jonathan Katz

1. The shekel appreciated last week on optimism regarding a possible cease-fire.

2. Supply side disruptions, strong demand for housing rentals (compared to supply) and an accommodative fiscal policy pose inflationary threats

3. Nevertheless, assuming shekel stability, we see a likely rate cut on April 8th.

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