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CNB Likely To Hike By 100Bps Today

CZECHIA
  • The CNB is likely to raise its benchmark rate by 100bps to 6.75% at its next meeting on June 22 to continue its ‘fight’ against inflation, which is expected to remain elevated longer than what policymakers previously estimated.
  • Risks are being skewed towards a bigger hike, particularly following the Fed’s decision last week to accelerate the pace of its tightening cycle.
  • This will be Rusnok last meeting as a Governor, following Ales Michl nomination as CNB’s new head (starting in July).
  • The new board composition is perceived to be much more ‘dovish’ and therefore could start to weigh on the domestic currency in the medium term.
  • Rusnok will hold a news conference at 3.45pm CET.
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  • The CNB is likely to raise its benchmark rate by 100bps to 6.75% at its next meeting on June 22 to continue its ‘fight’ against inflation, which is expected to remain elevated longer than what policymakers previously estimated.
  • Risks are being skewed towards a bigger hike, particularly following the Fed’s decision last week to accelerate the pace of its tightening cycle.
  • This will be Rusnok last meeting as a Governor, following Ales Michl nomination as CNB’s new head (starting in July).
  • The new board composition is perceived to be much more ‘dovish’ and therefore could start to weigh on the domestic currency in the medium term.
  • Rusnok will hold a news conference at 3.45pm CET.