The recession and deflation support further accommodation

ISRAEL - Report 19 Oct 2020 by Jonathan Katz

The deflationary environment persists, with core inflation down -0.4% y/y in September. Economic indicators point to a sharp deceleration of activity due to the second shutdown. Further monetary accommodation is expected from the Bank of Israel on Thursday. A negative sovereign rating outlook for Israel is likely if the 2021 budget is not approved by Q121.

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