Higher bond issuance was offset by stronger consumer savings

ISRAEL - Report 13 Jan 2020 by Jonathan Katz

The fiscal deficit of 3.7% of GDP in 2019 necessitated doubling the net bond issuance, but this was facilitated by stronger household savings. Rates remained on hold, with a strong message that FX intervention is currently the BoI preferred tool. We expect December's CPI to reach 0.1% m/m (0.7% y/y), at the high end of consensus.

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