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CNB Sees 'Sharp' Rate Hikes In Late 2021, Early 2022

CZECHIA
  • In its statement following today's meeting, the CNB says that it is ready for more hikes (than previously forecasted) as inflationary pressures are expected to remain elevated in the coming months.
  • Czech inflation is expected to approach 7% this winter, far above the CNB 3% upper tolerance band.
  • Five policymakers (versus 2) voted for a 125bps hike in today's meeting.
  • CNB forecasts 'sharp' hikes in late 2021 and early 2022.
  • Governor Rusnok said during the press conference that it is likely that future hikes will be of smaller magnitude.
  • The central bank also raised its 2022 CPI forecast to 5.6% (vs. 2.8% previously).
  • EURCZK continues to retrace lower following CNB comments, currently testing its 25.33 support; next key level to watch on the downside stands at 25.25. A break below that level would bring us to February 2020 levels.
Link to CNB statement:

https://www.cnb.cz/en/monetary-policy/bank-board-d...

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