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Norges Bank to cut very cautiously, if at all

This morning’s decision by Norges Bank not to follow through with the rate cut that it signalled in January was no surprise. The Bank also revised its interest rate projection up. We forecast two interest rate cuts this year, taking the policy rate down from 4.5% to 4.0%, but the risks are skewed towards Norges Bank leaving the policy rate high for longer.

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