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CNB Likely To Raise Its Benchmark Rate By 50bps Tomorrow

CZECHIA
  • Prime Minister Andrej Babis and his Hungarian counterpart Viktor Orban will visit the northern Czech region where Babis leads his party's candidate list for October elections (BBG).
  • The CNB is very likely to raise its benchmark rate by 50bps tomorrow (September 30) based on recent policymakers 'hawkish' speeches.
  • Recently, we saw that a rising number of CNB members have mentioned that a bigger rate hike may be necessary to curb the inflationary pressures.
  • We have seen that the hawkish CNB tone has been strongly supporting cyclical equities (i.e. financials), partly driven by the rise in ST bond yields and broad CZK strength. Czech equities (PX Index) are currently trading at a 13-year high.
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