Norway slashes rates on "major shocks"

Norges Bank has followed the Riksbank's lead in chopping 175 basis points off its key rate. Exposure to "new major shocks" sparked the move, which leaves the central bank's key rate at 3%. Elsewhere, three other central banks cut their key rate by 50 basis points.

Analysts largely expected a 100 basis point lowering. The central bank had said back in October that it would keep rates between 4% and 5% from then until March barring exposure to new major shocks.

On Wednesday, the central bank said

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