Market Updates
Switzerland and UK Hold Rates, Norway Hikes
Bridgette Randall
14 Dec, 2023
Frankfurt
The Swiss National Bank also left its policy rate unchanged at 1.75%, a second consecutive decision to hold rates in a row, and policymakers said inflation forces are weakening.
Consumer price inflation in Switzerland eased to 1.4% in November, the lowest level since October 2021.
The Norwegian central bank increased its policy rate by 25 basis points to 4.5%.
Norges Bank Governor Ida Wolden Bache said that rates are likely to remain high "for some time ahead" because inflation is still too high despite the recent economic slowdown.
The Bank of England left its key interest rate unchanged at a 15-year high of 5.25%.
Policymakers left rates unrevised for the third time in a row in December and said rates are likely to remain restrictive, highlighting tight labor market conditions and persistent inflationary pressures.
GDP in October unexpectedly contracted and wage growth slowed in November, raising hopes that the interest rate may ease by the end of 2024 if energy prices continue to slide and contribute to the weakening of overall inflation.
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