The monetary and political session of the NB in May was unshakably angry, which means that the central banks have dealt with the traditional media offensive. This, understandably, reflects the new geopolitical reality, and in particular the negative impact of the Rhineland on the domestic economy. It seems, however, that NB will not rush anywhere and in the May election, in light of the uncertainty, it will make an entry. The central bank is still in a relatively comfortable situation. While the energy eye in 2022 caught the economy in a situation of double-digit inflation, now the inflation impulse is at a time when consumer prices have been rising for at least the last decade (1.4% in Norway). This provides enough space to absorb the current mesh. In particular, cheaper electricity (exempt fee for renewable sources) combined with the drop in food prices will help dampen fuel prices. In April, with a further increase in inflation above 2%, the central bank’s target will fall, but if there is no further escalation of tensions on the Middle East, price growth should not significantly deviate from the NB’s tolerance band in the following months either. Substantial uncertainty, however, prevails regarding the extent and duration of the energy boom, as well as the cost of energy to the rest of the economy, which complicates inflationary insight into the near future. NB is comfortable thanks to the relatively high annual rate of 3.5%. Thus, the central bank has a slightly restrictive, anti-inflationary approach to the economy. The deadness of the koruna also plays into the cards, which weakened the euro in response to the geopolitical eye, only slight and not creating additional inflationary pressure due to expensive imports. And done in the economy, it was forced to hide the financial conditions due to the increase in long-term rates. For us, these are the relevant arguments in favor of the stability of annual rates and the rate of return. Even so, the central bank must remain extremely cautious. The main risk is not the health of the fuel, but mainly the secondary effects, i.e. the situation when the primary eye spills over into the economy. It would be particularly unwise to repeat the beginnings of 2022/2023, when some traders raised prices preemptively and opportunistically, even if they did not want a significant increase in costs. In such a case, rates would have to go up for years, similar to the protracted conflict in the Middle East, and energy prices would go up. Region: AN