Skip to Main Content.
Site navigation
Fidelity.com Home
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log In
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log Out
  • Accounts & Trade
    • Portfolio Log In Required
    • Portfolio
    • AccountPositions Log In Required
    • AccountPositions
    • Trade Log In Required
    • Trade
    • Trading Dashboard Log In Required
    • Trading Dashboard Log In Required
    • Active Trader Pro
    • Transfers
    • Cash Management Log In Required
    • Cash Management
    • Bill Pay Log In Required
    • Bill Pay
    • Full View Log In Required
    • Full View
    • Security Settings Log In Required
    • Security Settings
    • Account Features Log In Required
    • Account Features
    • Statements Log In Required
    • Statements
    • Fidelity Alternative Investments Program Log In Required
    • Tax Forms & Information
    • Retirement Distributions Log In Required
    • Fidelity Rewards+registered trademark Log In Required
    • Fidelity Rewards+registered trademark Log In Required
    • New Account Checklist Log In Required
    • Lending Solutions-Line of Credit Log In Required
    • Refer a Friend
  • Planning & Advice
    • What We Offer
    • Build Your Plan
    • My Goals
    • Financial Basics
    • Building Savings
    • Robo Investing Plus Financial Advice
    • Wealth Management
    • Find an advisor
    • Retirement
    • Life Events
    • Saving & Investing for a Child
    • Charitable Giving
  • News & Research
    • News
    • Wealth Management Insights
    • Watch List Log In Required
    • Quotes
    • Quotes
    • Alerts Log In Required
    • Mutual Funds
    • Stocks
    • Fixed Income, Bonds & CDs
    • ETFs
    • Options
    • Markets & Sectors
    • IPOs
    • Annuities
    • Learning Center
    • Notebook
    • Notebook
  • Investment Products
    • Mutual Funds
    • Retirement & IRAs
    • Stocks and Trading
    • Crypto
    • Direct Indexing
    • Fixed Income, Bonds & CDs
    • ETFs
    • Options
    • Sustainable Investing
    • Cash Management & Credit Cards
    • Managed Accounts
    • 529 College Savings
    • Health Savings Accounts
    • Annuities
    • Life Insurance & Long Term Care
  • Why Fidelity
    • The Fidelity Advantage
    • Planning & Advice
    • Trading
    • Straightforward Pricing
    • Insights & Tools
    • Security & Protection
    • Marketplace Solutions
    • About Fidelity
    • Careers
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log In
  • Customer Service
  • Profile
  • Open an Account
  • Virtual Assistant
  • Log Out
You are here:
  • Home
  • Research
  • Markets & Sectors
Content and data provided by various third parties and Fidelity – Terms of Use


Find Symbol

Markets & Sectors

  • Overview

Markets

  • U.S. Markets
  • U.S. Economic Calendar
    • Global Markets
    • Americas
    • EMEA
    • Asia-Pacific
    • Global Economic Calendar

    U.S. Sectors & Industries

    • Sectors & Industries Overview

    News & Reports

    • U.S. Markets
    • Global Markets
    • Reports Search
    Global Markets News

    Show Search News Articles


    Americas

    EMEA

    OK
    Global Markets News
    /research/markets and sectors

    Norway keeps rates on hold, remains on track for June hike

    • print Print |
    • A
    • A
    • A
    • BY Reuters|
    • Non-Eurozone , Norway |
    • 5:52 AM ET 05/05/2022

    By Victoria Klesty and Gwladys Fouche

    OSLO (Reuters) - Norway's central bank kept interest rates on hold on Thursday as widely expected and restated its plan to raise the cost of borrowing in June amid rapidly rising inflation.

    Norges Bank's monetary policy committee unanimously agreed to keep the rate steady at 0.75%, as predicted by a Reuters poll of economists.

    "Based on the committee's current assessment of the outlook and balance of risks, the policy rate will most likely be raised in June," Governor Ida Wolden Bache said in a statement.

    Norges Bank in March raised rates for the third time since September and said it aims to hike three more times this year and a further four times in 2023, which would lift the benchmark rate to 2.5% by the end of next year.

    For June, it pencilled in a hike to 1.0%.

    The crown currency weakened to 9.84 against the euro at 0835 GMT from 9.79 just before Norges Bank's announcement.

    Norges Bank noted it had discussed the potential impact of the war in Ukraine on the Norwegian economy and how there was "substantial uncertainty" around it. It also discussed the risk global inflation will accelerate further even as growth slows.

    The bank was also "concerned" about the risk of faster price and wage inflation in Norway.

    "If there are prospects of persistently high inflation, the policy rate may be raised more quickly than indicated by the policy rate forecast in the March Report," it said.

    The U.S. Federal Reserve on Wednesday raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years, to try to rein in inflation.

    Norwegian headline inflation accelerated to 4.5% year-on-year in March although the core component, which strips out volatile energy and food prices, was up a more modest 2.1%.

    While prices had increased somewhat less than expected, rising wage growth and imported goods inflation are expected to push up underlying inflation, Norges Bank said.

    Registered unemployment meanwhile stands at just 1.9%, the lowest since the 2008-2009 financial crisis.

    "The labour market is tight, and unemployment is lower than projected," Norges Bank said.

    The overall outlook, as expressed by Norges Bank, makes it likely that the monetary policy committee will stick to its plan of seven more hikes by the end of 2023, economists at Nordea Markets said.

    "The war in Ukraine adds to economic uncertainty, but there (are) still good prospects for a continued upturn in the Norwegian economy," Nordea wrote in a note to clients.

    (Reporting by Victoria Klesty and Gwladys Fouche, Editing by Terje Solsvik, Kim Coghill and Catherine Evans)

    Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

    More Norway News

    • Norway keeps rates on hold, remains on track for June hike
      • BY Reuters|
      • Non-Eurozone , Norway |
      • 04:03 AM ET 05/05/2022
    • Rocky ride ahead for Norway's $1.2 trillion wealth fund
      • BY Reuters|
      • Non-Eurozone , Norway , Russia |
      • 04:45 AM ET 05/03/2022
    • Norway sovereign wealth fund CEO expects "rocky ride ahead" in markets
      • BY Reuters|
      • Non-Eurozone , Norway |
      • 04:31 AM ET 05/03/2022
    View more Norway News

    News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.

    PDF’s require Adobe® Reader® and will open in a new window.
    Fidelity Investments

    © 1998-2022 FMR LLC.

    All rights reserved.

    • Terms of Use
    • Privacy
    • Security
    • Site Map