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CNB Ups Ante In Fight Against Inflation, Coalition Continues Talks On Austerity Measures

CZECHIA
  • The CNB yesterday left interest rates unchanged but the vote split and accompanying rhetoric surprised to the hawkish side. Three dissenters in the MPC called for a 25bp rate hike, while Governor Ales Michl pushed back against "premature" rate-cut bets and warned that the central bank might have to tighten policy, possibly as soon as in June, if the government fails to come up with a credible fiscal consolidation package. In the updated set of macroeconomic forecasts, the CNB raised its GDP outlook and now expects mild expansion this year. The CNB will hold a seminar with analysts to discuss the new projections at 10:00BST/11:00CEST.
  • Czechia's governing coalition continues the difficult talks on a planned austerity package. Seznam Zpravy reported that party representatives mostly addressed the expenditure side at a closed-door meeting last week and focused on the revenue side this week. Leaks from the negotiations have been scarce as the Prime Minister imposed a strict ban on discussing the matter publicly before the announcement of a comprehensive reform package. One of the negotiators told SZ that the meetings could take place every day from now as the government wants to finalise everything by mid-May.
  • The main opposition ANO party leader Andrej Babis will appear as one of the speakers at a conservative CPAAC conference organised in Hungary, speaking at a panel titled "No Woke Zone." This comes as ANO continues to pivot towards conservative voters, despite its affiliation with the liberal Renew Europe group in the European Parliament.
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