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Deputy Governor Zamrazilova Flags Potential For September Rate Cut If Data Allows

CNB

The Czech National Bank's Deputy Governor Eva Zamrazilova said in an interview that the central bank could cut interest rates as soon as in September if incoming macroeconomic data "goes in the right direction."

  • "September will be richer with data, so if it goes in the right direction, and I will be certain enough that it will continue in the following months, then [a rate cut] is possible."
  • The message conveyed by her latest comments may contrast with the recent pushback against "overdone" market bets for an early start to the easing cycle, albeit do not represent any U-turn from Zamrazilova's earlier remarks.
  • Note that the official said last month that the central bank could consider rate cuts if inflation falls to single-digit levels and there are positive signals in Q2 wage and household consumption data, which won't be available until September.
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