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Governor Medalla Says Rate Cuts Are Unlikely In Near Future

BSP

Bangko Sentral ng Pilipinas Governor Felipe Medalla guided that the central bank is unlikely to cut interest rates in "very near future" after flagging upside risks to the inflation forecast.

  • The official noted that interest rates will be driven by domestic concerns rather than what the Fed does.
  • He added that the BSP needs to see two consecutive months of below-4% Y/Y CPI readings before considering rate cuts.
  • Headline CPI inflation printed at +6.1% Y/Y in May, despite decelerating at pace from its January peak of +8.7%.

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