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Jan Frait Says Next Move In Rates Will Likely Be Down But Board Remains Cautious

CNB

Deputy Governor Jan Frait flags agreement between staff and the Bank Board on the assessment that the potential for relatively high core inflation relative to CPI is a case for being cautious in terms of cutting rates. He says this is a reason why the Board "will not rush in terms of cutting significantly."

  • Frait notes that the removal of hawkish bias from forward guidance does not mean eliminating the possibility of raising rates - it just means that it is "very likely" that the next move in rates will be down. At the same time, they can imagine a situation (especially associated with external levels of demand) that would force them to hike. In summary, forward guidance has become "more symmetric."
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