The decision is comparable to that of the Fed. Both central banks are waiting for further data to then decide in December whether there will be another step. Neither wants to hike its key rate more than necessary, thus stalling the economy.

Norges Bank also mentioned the possibility of rates being kept on hold in the statement. For that to happen, though, inflation will first have to fall significantly and more notably than projected by the central bank. 

If inflation remains stubbornly high there will definitely be another rate step. However, one thing is also clear: if inflation rates fall further doubts in a rate hike in December are likely to be cemented, putting further pressure on NOK.