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CNB Minutes Grab Attention, Current Account Balance On Tap

CZECHIA
  • The minutes of the Czech National Bank's most recent monetary policy meeting showed that members agreed that rate cuts were "not on the horizon" amid concerns over the inflationary consequences of expansionary fiscal policy and tight labour market. The document showed that Karina Kubelkova and Jan Prochazka joined a well-known hawkish dissenter Tomas Holub in voting for a 25bp rate hike. More surprisingly, they only did so after a failed bid for a 50bp hike, which Holub did not support. The other four members of the Bank Board maintained support for interest-rate stability.
  • The minutes have failed to negate the impact of below-forecast Czech inflation data published on Thursday. Participants added rate-cut bets and Czechia's FRA curve shifted lower as CPI inflation slowed to +12.7% Y/Y in April, undershooting market and CNB expectations, even as analysts attributed most of the surprise to the volatile food component.
  • Czech front pages are dominated with debate over the austerity measures unveiled by the government at a special press conference yesterday.
  • Czechia's current account balance is expected to have narrowed to +CZK10.10bn in March from +CZK13.31bn prior. The data will cross the wires at 09:00BST/10:00CEST.
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