Lower-than-expected inflation and shekel appreciation are likely to postpone tightening

ISRAEL - Report 17 Sep 2018 by Jonathan Katz

The most recent policy rate statement signaled a slightly more hawkish stance, noting the beginning of inflation entrenchment within target. Meanwhile, PC indicators point to slowing household demand for domestic goods. The shekel has appreciated since the rate decision, which is likely to make a rate hike this year more unlikely. In July, Israeli institutions were net FX purchasers of 1.1bn USD.

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