Bank of Norway
March 20, 2020
the Bank of Norway, which had cut its policy rate to 1.0% from 1.5% on March 12, cut such again on the 19th after an unscheduled meeting to 0.25%, asserting simply that “the situation in the Norwegian economy has continued to worsen” in the past week. The reduction a week ago had been the first decrease since March 2016, and in between four 25-basis point hike had been engineered between August 2018 and September 2019. The Great Recession cyclical low from June to October 2009 had been at 1.25%, a full percentage point higher than in this new emergency.
Copyright 2020, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: Bank of Norway
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