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CNB Governor Says Rate Cuts Will Be Halted If Necessary; EURCZK Slips Below 25.000

CZECHIA

Highlights from Governor Michl’s post-decision press conference (via Reuters News):

  • Implied rate path in new forecast moved closer to levels communicated by the bank board
  • Future rate cuts approach to be very careful
  • Further cuts will depend on crown, fiscal, persistence of inflation, demand, labour market
  • Process of rate cuts can be interrupted or halted if inflation does not develop as expected
  • Board confirms commitment to strict policy to stabilise inflation near target
  • At each meeting, we will evaluate data and decide on cuts

EURCZK slipped to a new daily low on the back of the policy statement and initial comments from Michl – who has tilted hawkish by stating that the approach to future rate cuts will be “very careful” and that additional easing may even be paused if inflation developments warrant such a decision. The cross has just pierced below the 25.000 handle, down 0.37% on the session at typing.

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