Rates round-up: Israel surprises with larger hike

David Vaaknin

Israel: The Bank of Israel raised its main rate by 40 basis points on May 23, surprising many analysts who had anticipated a smaller hike.

The action takes the main rate to 0.75%. Policy-makers highlighted “strong growth” and inflation that is now running above the upper bound of the target range as key factors in their decision. Inflation was 4% in April, and the target range is 1–3%.

The central bank said the shekel had weakened and short-term inflation expectations are now around the upper

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