Bank of Israel Releases More Dovish Statement While Leaving Key Interest Rates at 0.10%
From a 3.25% level, Israel’s current 0.10% interest rate was reached a half year ago after a 15-basis point cut, and reductions totaling 75 basis points per year in each of four consecutive years spanning 2011 to 2014. The statement released after this month’s meeting of BOI policymakers is more dovish than July’s in the following respects.
- The contagion of softer growth rippling out from China is expressed directly: “Slowing growth in China is negatively impacting economic activity in numerous countries."
- The statement thinks the onset of Fed tightening has been delayed but recent global financial market developments.
- A return to the 1-3% inflation target within 12 months now faces greater risk as a result of plunging prices for energy and other commodities.
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- Israeli growth prospects are somewhat lower than imagined previously.
Copyright 2015, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
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