Rate cut far from certain despite slowing inflation

ISRAEL - Report 18 Mar 2024 by Jonathan Katz

1. Despite inflation moderation in February, a rate cut in April is far from assured.

2. We are forecasting inflation of 3.2% in the NTM due to an expansionary fiscal policy, higher shipping costs, and an expected acceleration in rental prices.

3. The current account surplus has improved but the shekel has been more sensitive to other factors.

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