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CNB Announces Rate Decision Thursday, ANO Pulls Out Of Talks With Gov't Hosted By President

CZECHIA
  • Czechia will report advance Q1 GDP data tomorrow morning, ahead of Thursday's monetary policy decision from the Czech National Bank (CNB). Besides announcing its rate decision, which is widely expected to see another 50bp cut to the two-week repo rate, the central bank will also release a new macroeconomic forecast and provide some details on its ongoing work on an updated r* estimate. The Board's Jan Prochazka said that the neutral interest rate may have increased to 3.5%-4.0% in the post-pandemic era from 3.0% before, but later played down the potential for a precise quantification of the new estimate (albeit without ruling it out completely).
  • Ruling coalition partners are in the midst of negotiations on who should be the Czech candidate for a European Commissioner. The coalition agreement stipulates that STAN and the Pirate Party will propose candidates, while the final decision will be taken by the government. Lidove Noviny reported that Prime Minister Fiala's ODS party would prefer Industry Minister Jozef Sikela over ex-presidential candidate Danuse Nerudova (both from STAN). The Pirates had earlier said that Marcel Kolaja MEP would be their candidate.
  • The liberal TOP 09 party has narrowed down the search for a new Science and Research Minister to four candidates and may announce the winner as soon as today. This comes after Helena Langsadlova stepped down from the position, with her party growing critical of her ineffective communication with the public.
  • President Petr Pavel criticised the main opposition ANO party's decision to pull out of cross-party talks on strategic economic and social issues brokered by the head of state. Pavel hosted a round of negotiations on future pension system reforms, but subsequent communique was promptly challenged by ANO.
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