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Core Fixed Income Meandering On Thursday

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Yuan Shuts Its Eyes To PBOC Fix

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  • This morning, FinMin Mihaly Varga said in a video that Hungary's 2021 GDP Growth May Be Higher Than 7%.
  • In an economic conference yesterday, NBH Governor Gyorgy Matolcsy called the soaring inflation a 'public enemy', which has been a global phenomena since the start of the year.
  • Policymakers decided to slow down the pace of the NBH tightening cycle by hiking the policy rate by 15bps on Tuesday to 1.65% following three consecutive '30bps hikes'.
  • Unless inflation starts to surprise positively in the coming months (rising well above 5%), we expect the NBH to continue to increase its policy rate by 15bps at each of the next three meetings, which would lift up the policy rate to 2.1% by year end.
  • Next economic data to watch will be average gross wages and PPI inflation coming out on Sep 29 and Sep 30, respectively.