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CNB Minutes Show Two Board Members Considered 75bp Cut Despite Unanimous Vote For 50bp

CZECHIA
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  • The minutes of the CNB's monetary policy meeting revealed that Jan Frait and Tomas Holub were considering a 75bp rate cut at last week's meeting, but eventually both joined the rest of their colleagues in voting for a 50bp cut. While the Bank Board as a whole "assessed the risks and uncertainties of the outlook as being modestly inflationary," several members "assessed the overall balance of risks of the forecast as broadly neutral" (Jan Frait, Tomas Holub, Jan Prochazka).
  • Separately, the CNB also published the full Monetary Policy Report - Spring 2024. The report predicts that "inflation will remain close to the 2% target during the course of this year and stay there over the monetary policy horizon. Economic growth will resume this year and pick up further next year."
  • Seznam Zpravy reported that Marko Zenisek will likely become the new Science and Research Minister after getting approved by the TOP 09 party. He is replacing Helena Langsadlova after the initial candidate for her successor dropped out.
  • Data from the CZSO showed that Czechia's unemployment rate fell to 3.7% in April from 3.9% prior, in line with expectations.
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  • The minutes of the CNB's monetary policy meeting revealed that Jan Frait and Tomas Holub were considering a 75bp rate cut at last week's meeting, but eventually both joined the rest of their colleagues in voting for a 50bp cut. While the Bank Board as a whole "assessed the risks and uncertainties of the outlook as being modestly inflationary," several members "assessed the overall balance of risks of the forecast as broadly neutral" (Jan Frait, Tomas Holub, Jan Prochazka).
  • Separately, the CNB also published the full Monetary Policy Report - Spring 2024. The report predicts that "inflation will remain close to the 2% target during the course of this year and stay there over the monetary policy horizon. Economic growth will resume this year and pick up further next year."
  • Seznam Zpravy reported that Marko Zenisek will likely become the new Science and Research Minister after getting approved by the TOP 09 party. He is replacing Helena Langsadlova after the initial candidate for her successor dropped out.
  • Data from the CZSO showed that Czechia's unemployment rate fell to 3.7% in April from 3.9% prior, in line with expectations.