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CNB Members Remain at Odds on Further Tightening

CZECHIA
  • Division among the CNB’s policymakers persists, with plenty of CNB speak already crossing this morning. Firstly, Holub stats this morning that he is still worried about the un-anchoring of inflation expectations, and that the “match” against inflation is not over yet. As such, Holub sees at least one more hike as warranted and will vote for a bigger than 25bps hike at their November 3rd meeting.
  • These comments contrasted with Zamrazilova, who says rates are currently “high enough” at 7%, with signs emerging that previous rate hikes are doing their job to cool mortgage markets and slow household consumption.
  • The draft budget for 2023 is set for debate in the lower chamber today, with MPs sitting from 9am local time onwards. Late yesterday, the junior Pirate Party withdrew their call for a faster start to a proposed windfall tax to 2022, meaning cabinet’s proposals for a 2023 start now look most likely.
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