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- Speculation over a first hike at the next meeting has risen sharply in the past few days, with a rising number of sell-side firms expecting a 25bps increase by CNB on June 23.
- Below is this week's recap of CNB policymakers' conference / interviews:
- On Monday, CNB policymaker Tomáš Holub mentioned in an online press conference that he was favoring a rate hike next week as CNB must tackle rising inflation expectations.
- On Tuesday, CNB deputy governor Marek Mora also mentioned he was in favor of raising interest rates at the June 23 policy meeting to curb the rising inflationary pressures.
- On the other hand, board member Oldrich Dedek said that it was more reasonable to leave interest rate unchanged at the next meeting following the downtick in inflation in May.
- MPC member Vojtěch Benda mentioned that Czech rates normalization will need to start 'very soon'. Deputy governor Tomáš Nidetzký said that he is more leaning toward sending a signal that the CNB board will not tolerate higher inflation.
- On Wednesday, Economic data showed that PPI inflation rose more than expected to 5.1% IN May (4.6% exp.), up from 4.6% the previous month.