Europe

Norges Bank

Sounds hawkish lately +0.32

Speeches: 325
First speech: Jan 28, 1999
Latest speech: Jun 18, 2026
Tone vs coming rate moves: +0.44; rank correlation

Does the tone run ahead of the rate?

Speech tone over the previous three months, and the policy rate at the end of each month, on the same timeline. Hover over either chart to read the same month in both.

Speech tone

Policy rate

Latest speeches

Each speech's tone is the average over its sentences about policy, prices, rates or the economy. Open a speech to read it in full.

Date	Speech	Tone
Jun 18, 2026	Ida Wolden Bache: Policy rate kept unchanged at this meeting Ida Wolden Bache	+0.41
May 21, 2026	Ida Wolden Bache: Research-based models in monetary policy decision-making Ida Wolden Bache	+0.06
May 8, 2026	Ida Wolden Bache: The conduct of monetary policy Ida Wolden Bache	+0.35
May 7, 2026	Ida Wolden Bache: Policy rate raised to 4.25 percent Ida Wolden Bache	+0.47
Mar 26, 2026	Ida Wolden Bache: Policy rate kept unchanged at this meeting Ida Wolden Bache	+0.33
Feb 26, 2026	Pål Longva: Report from Norges Bank Watch Pål Longva	+0.02
Dec 18, 2025	Ida Wolden Bache: Policy rate kept unchanged at 4 percent Ida Wolden Bache	+0.06
Nov 26, 2025	Ida Wolden Bache: Monetary policy and the Norwegian economy Ida Wolden Bache	+0.19
Nov 21, 2025	Ida Wolden Bache: Remarks at the Central Bank of Chile Ida Wolden Bache	−0.02
Nov 11, 2025	Ida Wolden Bache: Monetary and fiscal policy in a dynamic world Ida Wolden Bache	−0.02
Nov 6, 2025	Ida Wolden Bache: Policy rate kept unchanged at 4 percent Ida Wolden Bache	+0.09
Oct 7, 2025	Ida Wolden Bache: Climate change and monetary policy Ida Wolden Bache	+0.18
Sep 18, 2025	Ida Wolden Bache: Policy rate reduced to 4 percent Ida Wolden Bache	+0.10
Aug 14, 2025	Ida Wolden Bache: Cautious normalisation of the policy rate Ida Wolden Bache	−0.03
Jun 19, 2025	Ida Wolden Bache: Policy rate reduced Ida Wolden Bache	−0.07
May 13, 2025	Ida Wolden Bache: Norges Bank's management of the Government Pension Fund Global Ida Wolden Bache	+0.02
May 8, 2025	Pål Longva: Policy rate kept unchanged Pål Longva	−0.02
May 5, 2025	Ida Wolden Bache: Norges Bank's management of the Government Pension Fund Global Ida Wolden Bache	+0.00
Apr 8, 2025	Ida Wolden Bache: Cooperation and independence - Norges Bank in a turbulent world Ida Wolden Bache	+0.08
Mar 27, 2025	Ida Wolden Bache: Policy rate kept unchanged Ida Wolden Bache	+0.20
Feb 27, 2025	Pål Longva: Report from Norges Bank Watch Pål Longva	+0.06
Feb 13, 2025	Ida Wolden Bache: Economic perspectives Ida Wolden Bache	+0.06
Jan 23, 2025	Ida Wolden Bache: Policy rate will likely be reduced in March Ida Wolden Bache	+0.00
Dec 19, 2024	Ida Wolden Bache: Soon appropriate to begin easing monetary policy Ida Wolden Bache	+0.01
Nov 7, 2024	Ida Wolden Bache: The policy rate will likely be kept unchanged to the end of the year Ida Wolden Bache	−0.02
Oct 24, 2024	Ida Wolden Bache: Monetary policy trade-offs in a small open economy - the case of Norway Ida Wolden Bache	+0.08
Oct 17, 2024	Ida Wolden Bache: Norges Bank's balance sheet Ida Wolden Bache	+0.05
Sep 19, 2024	Ida Wolden Bache: Time to ease monetary policy is approaching Ida Wolden Bache	+0.01
Aug 24, 2024	Ida Wolden Bache: The cash-flow channel of monetary policy – micro evidence and macro outcomes Ida Wolden Bache	−0.00
Aug 15, 2024	Ida Wolden Bache: Need to keep the interest rate high Ida Wolden Bache	+0.07
Jun 20, 2024	Ida Wolden Bache: Policy rate kept on hold Ida Wolden Bache	+0.18
May 7, 2024	Ida Wolden Bache: The conduct of monetary policy Ida Wolden Bache	+0.22
May 3, 2024	Ida Wolden Bache: Policy rate kept on hold Ida Wolden Bache	+0.12
Apr 30, 2024	Ida Wolden Bache: Norges Bank's management of the Government Pension Fund Global Ida Wolden Bache	+0.03
Mar 21, 2024	Ida Wolden Bache: Policy rate will likely be held steady for some time Ida Wolden Bache	+0.17
Feb 23, 2024	Pål Longva: Report from Norges Bank Watch Pål Longva	+0.07
Feb 15, 2024	Ida Wolden Bache: Economic perspectives Ida Wolden Bache	+0.17
Jan 25, 2024	Ida Wolden Bache: The policy rate is kept unchanged Ida Wolden Bache	+0.07
Dec 14, 2023	Ida Wolden Bache: Policy rate raised to bring down inflation Ida Wolden Bache	+0.18
Nov 23, 2023	Ida Wolden Bache: Monetary policy in the face of cost shocks Ida Wolden Bache	+0.20
Nov 9, 2023	Ida Wolden Bache: Monetary policy and the krone exchange rate Ida Wolden Bache	+0.03
Nov 2, 2023	Ida Wolden Bache: High policy rate for some time Ida Wolden Bache	+0.14
Aug 17, 2023	Ida Wolden Bache: Higher policy rate to bring down inflation to the target Ida Wolden Bache	+0.24
Jun 27, 2023	Ida Wolden Bache: Structural changes in energy markets and implications for inflation and monetary policy Ida Wolden Bache	+0.13
May 9, 2023	Ida Wolden Bache: The conduct of monetary policy Ida Wolden Bache	+0.29
Apr 18, 2023	Ida Wolden Bache: Norges Bank's management of the Government Pension Fund Global Ida Wolden Bache	−0.25
Mar 23, 2023	Ida Wolden Bache: Higher policy rate to bring inflation down to target Ida Wolden Bache	+0.27
Mar 1, 2023	Pål Longva: Report from Norges Bank Watch Pål Longva	+0.02
Feb 16, 2023	Ida Wolden Bache: Economic perspectives Ida Wolden Bache	+0.24
Dec 15, 2022	Ida Wolden Bache: Inflation is too high Ida Wolden Bache	+0.36
Nov 3, 2022	Ida Wolden Bache: Norges Bank is raising the policy rate to bring down inflation Ida Wolden Bache	+0.28
Oct 20, 2022	Ida Wolden Bache: Monetary policy and inflation Ida Wolden Bache	+0.23
Sep 22, 2022	Ida Wolden Bache: Higher policy rate will curb inflation Ida Wolden Bache	+0.36
Aug 18, 2022	Ida Wolden Bache: A somewhat faster rise in the policy rate Ida Wolden Bache	+0.37
May 3, 2022	Ida Wolden Bache: Norges Bank's management of the Government Pension Fund Global Ida Wolden Bache	+0.37
Mar 1, 2022	Ida Wolden Bache: Remarks on Norges Bank Watch Series report Ida Wolden Bache	−0.03
Feb 17, 2022	Øystein Olsen: Economic perspectives Øystein Olsen	+0.10
Dec 21, 2021	Øystein Børsum: Ownership and climate risk in the Government Pension Fund Global (GPFG) – on the tools for addressing climate risk in the fund Øystein Børsum	+0.00
May 11, 2021	Ida Wolden Bache: FinTech, BigTech and cryptos – will new technology render banks obsolete? Ida Wolden Bache	−0.02
May 6, 2021	Øystein Olsen: The conduct of monetary policy Øystein Olsen	+0.03

Next: Across all central banksHow tone lines up with rate moves at every bank tested, and whether it predicts them.