Rate stability with a more dovish forward guidance likely today

ISRAEL - Report 06 Jul 2020 by Jonathan Katz

We expect a rate hold decision today but with a more dovish forward guidance, including low rates for a considerable period of time and bond purchases into 2021. Recent indicators point to some growth in activity but at a slow pace, with the recent spike in infections expected to slow recovery. Talk of annexation has dissipated, with the Covid crisis and fiscal policy much more critical to politicians at the moment.

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