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Forward Rates Pricing In 100Bps Hike By Early January

CZECHIA
  • This morning, CNB policymaker Holub mentioned that the rate hike was necessary to show that the central bank is currently acting on price stability. With inflation standing around 5%, the CNB board can hardly say that it is not their priority.
  • As inflationary pressures are expected to remain elevated until the end of the year, the CNB could continue to surprise the market at its next meeting on November 4.
  • Forward rates are currently pricing in a 100bps hike by early January, which would bring the policy rate back to Q4 2008 levels.
  • This morning, economic data showed that Czech PPI rose by 9.9% in September (as exp.), up from 9.3% the previous month.
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