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CNB's Michl Says Cut, Hold Both on Table in December

CZECHIA

Summary of comments from Michl’s press conference (via BBG):

  • Czech bank board opted to keep tight policy ‘for now’.
  • Cut or hold options open for Czech December rate meeting.
  • Weaker Czech koruna partially eased monetary conditions.
  • Risks of Czech inflation expetations de-anchoring stays.
  • Potential Czech rate cuts to be initially small, gradual.
  • Core CPI outlook a key argument for holding Czech rates.
  • Says Czech central bank wants to avoid wage-price spiral.

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