Next rate hike likely to be 0.5% as well

ISRAEL - Report 11 Jul 2022 by Jonathan Katz

1. Rates increased by 0.5% last week, but the hawkish tone was somewhat surprising.

2. The fiscal surplus in the last 12 months reached 0.4% GDP on strong tax revenues; good news for the bond market.

3. Business sector sentiment remains robust, with expectations for further expansion.

4. We expect June’s CPI to reach 0.5% m/m on the back of higher petrol and travel abroad prices.

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