Rate stability expected today, possibly with a more hawkish tone

ISRAEL - Report 08 Apr 2019 by Jonathan Katz

We expect a rate hold decision today but with a slightly more hawkish tone, noting robust growth in Q1 2019 and higher inflation expectations. Fiscal policy remains expansionary, and with rapid expenditure growth and weak revenues in Q1 2019, some form of fiscal consolidation is expected by the next government. Elections are tomorrow: polls show the right wing/religious parties able to form a narrow coalition, but credible consolidation could be problematic.

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