Citigroup Delays Fed Rate Cut Forecast Amid Strong Jobs Data and Inflation Concerns 
Goldman Sachs Cuts 2026 Copper Price Forecast Amid Global Growth Concerns 
Bank of America Identifies Top Asia-Pacific Semiconductor Stocks Poised for AI-Driven Growth 
Trump's Iran War Speech Sparks Market Anxiety Over Extended Conflict 
Private Credit Under Pressure: Is a Slow-Motion Crisis Unfolding? 
Goldman Sachs, ANZ Cut Oil Forecasts Amid U.S.-Iran Ceasefire Hopes 
Strait of Hormuz Disruption Sparks Global Oil Supply Fears 
U.S. Strikes on Iran Draw War Crimes Warnings from International Law Scholars 
Morgan Stanley: Fed Rate Cuts Still on Track Despite Oil-Driven Inflation 
Cross-hedging FX Strategies:
- We recommend leveraged products to sell EUR/NOK or otherwise buy far month NOK/SEK risk reversal.
- Real money funds should decrease NOK hedge ratios.
- Corporates should hedge NOK income via options and expenses via forwards.
Norges Bank (NB) is all set to deliver 25bps rate cut on tomorrow as promised in last monetary policy reporting in March. However, we expect NB to turn to a neutral bias by presenting a new rate path at which the policy rate will be kept on hold until next year. A neutral bias would be much more hawkish than what markets expect.
More tactically to avoid a stronger NOK, the primary risk to our projection is NB still signaling an easing bias due to a less 'straight-forward' view on the oil investment survey.
In our opinion, a minute risk that NB could leave the rate unchanged, as the stabilization in oil investments has reduced the tail risk.
