Israel’s wartime monetary policy is taking clearer shape 10 days into a crisis that started with the deadly Hamas assault on Israel. Concerns over the impact of a prolonged war on the $520 billion economy initially fueled wagers on easing.
The verbal intervention is prompting traders to unwind bets on easing ahead of the central bank’s rate decision on Monday, its first since the militant group’s Oct. 7 attack on Israel triggered retaliatory bombardments of Gaza ahead of a likely ground invasion. “The Bank of Israel initiated its latest announcement to cool expectations of an interest-rate reduction created in markets,” said Alex Zabezhinsky, chief economist at Meitav DS Investments. “The central bank clarifies that for the time being it prioritizes financial stability and certainty rather than a change in the monetary regime.”
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