The tightening labor market and weaker shekel (if it continues) are rate hike supportive

ISRAEL - Report 29 Oct 2018 by Jonathan Katz

The labor market continues to tighten, with job vacancies up, supportive of wage/inflationary pressure. Israeli savings institutions were net purchasers of 0.5bn USD in August, slowing from 1.1bn in July. Our inflation forecast stands at 1.1% in 2019, with the main risk coming from a weaker shekel than we assume. We expect rates to reach 0.5% by end-2019; the first rate hike is possible on November 26.

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