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Optimism sends interests through the roof

It does not at all look that dark for Norwegian economy, according to the average Joe. The increased optimism in Norwegian households increases the interest rates greatly in the market today.

The market interest rates increased significantly Wednesday. It is particularly the short term interest rates that increased after the predictions from Sparebankforeningen indicated that there is a growing optimism among the population.

“The short term interests increased between 7 and 8 points due to the predictions from Sparebankforeningen which was much better than expected. Furthermore, may be Gjedrem’s speech yesterday was more positive than expected,” said a bond broker to the news agency TDN Finans.

Svein Gjedrem, head of the Norwegian Central Bank, gave no new indications worth while in his speech in Trondheim Tuesday. Regardless, the speech was interpreted as Gjedrem still may consider more interest cuts in the future. The market interest sank equivalent during the day Tuesday.

According to Nordea Markets, the predictions from Sparebankforeningen are nevertheless an important indicator for Norges Bank.

“Norges Bank has traditionally put some weight on this index. The drop last fall was used as the reason for the interest cut in December. In June Norges Bank was worried about the interest cuts that had not yet affected the prediction index in the second quarter. That worry must have vanished,” wrote Nordea Markets in its morning report.

According to Arne Hyttnes, head of Sparebanksforeningen, the background for the positive shift is that the interest cuts have been instigated through the spring.

“Most people apparently think that this country’s economy flow better when the interest are lowered,” commented Hyttnes.

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