Benchmark
Here's a Central Banker Who Doesn't Care About Inflation
Norway is seen cutting rates next week even as the inflation overshoot grows
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He’s said repeatedly that inflation is important. It’s the mandate of Norway’s central bank, after all -- 2.5 percent inflation over time. But Governor Oeystein Olsen’s commitment to that goal is questioned by many.
All five of the Nordic region’s biggest banks say accelerating inflation, which has overshot the target since May, won’t stop Olsen from cutting rates to a new low on March 17. The oil-reliant economy he’s in charge of has seen growth throttled by plunging crude prices, and Olsen has been cutting rates since December 2014 to avoid a recession.