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CNB Monetary Policy Decision Takes Focus

CZECHIA
  • The Czech National Bank (CNB) is widely expected to reduce its two-week repo rate by 50bp, albeit some analysts flagged dovish risks to that forecast as inflation cooled to the central bank's +2.0% Y/Y target amid sluggish economic activity. The CNB delayed the start to its easing cycle despite warning signals from the real economy and now has more room to lower rates at pace. On the other hand, recent communications from Czech central bankers appeared to play down the potential for an acceleration to the rate-cutting cycle, amid lingering concerns about price pressures in the services sector and a weak koruna exchange rate. The decision will be announced at 13:30GMT/14:30CET, with a press conference scheduled for 14:45GMT/15:45CET. See our preview and MNI Watch piece for more details.
  • The Chamber of Deputies will continue its extraordinary meeting today, which was originally called to discuss leaked emails of opposition leader Andrej Babis, suggesting that he asked his aides to collect information about Foreign Minister Jan Lipavsky. The debate evolved into a broader discussion about national security threats and other issues.
  • Moravian-Silesian Region Governor Jan Krkoska (ANO) has attracted the attention of law enforcement authorities, with a prosecutor taking him to court for alleged corruption. Krkoska become regional governor last year, replacing rebel ANO deputy leader Ivo Vondrak, who refused to back Andrej Babis in a presidential election and subsequently quit the party and gave up his post.
  • The first pan-European opinion poll ahead of this year's election to the European Parliament showed that ANO remains the most popular party in Czechia but may struggle to meet its goal of winning eight seats.
  • Czechia will auction government bonds maturing in 2035 and 2037. The deadline for bids is at 11:00GMT/12:00CET.
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