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Governor Michl Says Current Rate-Cut Bets May Not Materialise

CNB

CNB Governor Ales Michl begins his press conference after the central bank left interest rates unchanged and formally terminated its FX intervention regime.

  • Mchl confirms that the on-hold rate decision was taken unanimously, while the current level of interest rates is seen sufficient to bring inflation to the target.
  • The Governor says that risks to the inflation outlook remain tilted to the upside, while rates will stay higher than baseline forecast.
  • Expectedly, the official leans against current market bets on the pace of the upcoming easing cycle, noting that they "may not materialise."
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