Norges Bank raises its policy rate to 4.75% or more
The test Between 26 Oct 2026 and 25 Oct 2027, Norges Bank sets its policy rate at 4.75% or higher at a scheduled or extra policy meeting.
Not under way · Confidence: high · Reviewed 25 Oct 2026 · Scores from 1 to 10
This page answers: What could happen, how it is scored, and who is exposed?
Using this page
- Read the two scores: Likelihood and Impact are kept apart.
- Check what is happening, each fact with its source.
- Use the calendar for the dates to watch.
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Likelihood ↑ 24 Sep 2026: Norges Bank raised the rate and lifted its 2027 rate path (MPR 3/2026).
Impact is the average of the four parts, rounded, plus one point when Canada is directly hit on two or more channels, up to 10.
Two separate scales from 1 to 10. Strature never multiplies or merges them.
What changed
Dated, newest first
- Impact 3 to 4.
- Decisions: 14 Dec 2023 4.50% (+0.25); 19 Jun 2025 4.25%; 18 Sep 2025 4.00%; 7 May 2026 4.25%; 24 Sep 2026 4.50% [2]
- 2026-2027 decision dates: 5 Nov, 17 Dec 2026; 21 Jan, 18 Mar, 5 May, 17 Jun, 19 Aug, 23 Sep, 4 Nov, 16 Dec 2027 [5]
- EUR/NOK 10.7990 on 23 Sep 2026 and 10.4545 on 26 Oct 2026 [7]
- CPI 3.4%, CPI-ATE 3.0% in the year to Sep 2026 [4]
- Governor: further hikes possible if warranted; wage growth above forecasts; expectations above pre-pandemic levels; the spring 2026 Hormuz closure drove up energy and commodity prices; higher foreign rates weaken the krone's disinflationary effect [6]
Show 3 earlier changes
- 2027 budget: NOK 608.4bn oil money, 2.7% of the fund; CPI 2.7% in 2027; unemployment 2.1% [8]
- Rate raised from 4.25% to 4.50% (decided 23 Sep, published 24 Sep 2026); committee prepared to raise further if needed; capacity slightly below normal; CPI-ATE lower than projected [1]
- MPR 3/2026 rate path averages: 4.2% (2026), 4.6% (2027, +0.2 vs MPR 2/26), 4.2% (2028), 3.7% (2029); CPI 2.6% and CPI-ATE 2.7% in 2027 [3]
Why it matters
Norges Bank raised its policy rate twice in 2026, to 4.25% in May and 4.50% in September, after two cuts in 2025. It says it is prepared to raise again if the inflation outlook requires it, and its September forecast puts the average rate for 2027 at 4.6%. CPI inflation was 3.4% in September, above the 2% target for several years. This is a risk scenario, not a view on any security.
Why Likelihood 5 Pushes: oil, gas and wages named as upside risks. Brakes: CPI-ATE below projection; capacity slightly below normal; path falls from end-2027.
Why Impact 4 Key price: policy rate. Threshold case: one 0.25-point hike, 4.50% to 4.75%.
Where it sits
How it spreads
Between 26 Oct 2026 and 25 Oct 2027, Norges Bank sets its policy rate at 4.75% or higher at a scheduled or extra policy meeting.
Not under wayChannels 3 on the card
- Households and housingA hike passes quickly to floating-rate mortgages (Strature's view; share not sourced).
- The kroneThe krone usually strengthens after an unexpected hike.
- The budgetHigher rates tighten the overall stance (Strature's view).
Who is exposed
- Countries
- Norway
- Sectors
- Banks and insurers
Three scenarios and their signposts
- S1
Hold, then cut
Inflation slows and the rate stays at 4.50% until cuts begin late in 2027.
- S2
Long hold
Inflation stalls near 3%; the bank holds through 2027 without a hike.
- S3
Another hike
Oil and gas stay high or wages surprise, and the bank goes to 4.75%.
| Path | Signpost |
|---|---|
| S1 | December 2026 report lowers its 2027 average below 4.5% |
| S2 | CPI-ATE between 2.7% and 3.0% through spring 2027 |
| S3 | A hike on 17 Dec 2026 or 18 Mar 2027 |
No probability is given for the three paths.
Forecasts
Strature forecast linked to this risk
Strature forecast F-0074: 61% (21 Aug 2026) · resolves by 20 Nov 2026
Where the card uses it Strature F-0074 resolves. Strature forecast F-0074: 61% (21 Aug 2026)
A forecast is a probability on a dated question. The Likelihood score above is a separate judgement and is never turned into a percentage.
The forecast register lists every forecast and how it is scored.
Dates to watch
The dates to watch
A dot is a day, a bar a month or a year; a hollow mark is tentative. The line marks today.
- 5 Nov 2026 Norges Bank policy rate decision [5] Declared · Outside event
- 10 Nov 2026 Statistics Norway CPI for October [4] Declared · Outside event
- 20 Nov 2026 Strature F-0074 resolves. Strature forecast F-0074: 61% (21 Aug 2026) [10] Declared · Strature date
- 17 Dec 2026 Decision and Monetary Policy Report 4/2026 [5] Declared · Outside event
- 21 Jan 2027 Policy rate decision [5] Declared · Outside event
- 18 Mar 2027 Decision and Monetary Policy Report [5] Declared · Outside event
- 5 May 2027 Policy rate decision [5] Declared · Outside event
- 17 Jun 2027 Decision and Monetary Policy Report [5] Declared · Outside event
- 19 Aug 2027 Policy rate decision [5] Declared · Outside event
- 23 Sep 2027 Decision and Monetary Policy Report [5] Declared · Outside event
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The other side
Savers and Norway's banks would earn more on deposits, and a firmer krone would cut the kroner cost of imports (Strature's view). A hike that brings inflation down faster would open room for cuts sooner after the window; the bank sees the rate falling to about 3.7% in 2029 [3].
Connected in Strature
- Iran, the Strait of Hormuz, and a renewed strike
- Crude oil
- Norway
- The krone gives back its 2026 gains against the euro Driven by: A weaker krone raises imported inflation, which the bank says can require a higher rate.
- The Strait of Hormuz shuts again Driven by: The Governor says the spring 2026 Hormuz closure drove up energy prices.
- Türkiye's central bank has to raise its policy rate again within 12 months Shares a channel: Both turn on energy prices feeding central bank decisions (Strature's view).
Sources
9 sources, numbered as the text cites them
- Policy rate raised to 4.50%. Norges Bank · 24 Sep 2026 · Official · confidence high · retrieved 26 Oct 2026
- Policy rate decisions since 1986. Norges Bank · 26 Oct 2026 · Official · confidence high · retrieved 26 Oct 2026
- Monetary Policy Report 3/2026. Norges Bank · 24 Sep 2026 · Official · confidence high · retrieved 26 Oct 2026
- Consumer price index, September 2026. Statistics Norway · 9 Oct 2026 · Official · confidence high · retrieved 26 Oct 2026
- Calendar: policy rate decisions. Norges Bank · 26 Oct 2026 · Official · confidence high · retrieved 26 Oct 2026
- The Governor's autumn lecture: Why is the last mile of disinflation taking so long?. Norges Bank · 8 Oct 2026 · Official · confidence high · retrieved 26 Oct 2026
- Exchange rates, EUR/NOK daily. Norges Bank data API · 26 Oct 2026 · Official · confidence high · retrieved 26 Oct 2026
- Vil bruke 608,4 mrd. oljekroner neste år. Teknisk Ukeblad · 7 Oct 2026 · News · confidence medium · retrieved 26 Oct 2026
- Strature forecast register, F-0074 (S-001). Strature · 21 Aug 2026 · Think tank · confidence high · retrieved 26 Oct 2026
Reviewed 25 Oct 2026 · version 2 · last change: reviewed · All risks