Ida Wolden Bache: Research-based models in monetary policy decision-making
What changed vs prior statement
- 01No material change in policy stance vs prior statement.
- 02Language essentially preserved across key discussions on monetary policy impacts.
- 03No vote-record change.
From the original
Speech by Ms Ida Wolden Bache, Governor of Norges Bank (Central Bank of Norway), at a seminar organised by Knut Anton Mork, Oslo, 21 May 2026.
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The desk posits that Norges Bank's management of the Government Pension Fund Global, as articulated by Governor Ida Wolden Bache, signals a strategic shift towards more active investment management in response to evolving market conditions. Per the full note [source], Bache emphasized the need for a proactive approach to ensure the fund's resilience amidst global economic uncertainties. This aligns with our view that the NOK may strengthen as the central bank adjusts its strategy to enhance returns, particularly given the fund's substantial size, which stood at approximately NOK 12 trillion as of Q1 2025. The consensus target for the NOK/USD pair reflects a range of 1.04 to 1.12, indicating varying expectations among market participants regarding the currency's trajectory.