BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Minutes Confirm Jan Frait Sought 75bp Cut, Governor Michl Calls For Caution

CZECHIA
  • The minutes from the CNB's monetary policy meeting confirmed that Deputy Governor Jan Frait cast the dissenting vote in favour of a 75bp rate cut, while all of his colleagues voted for a 50bp cut. Governor Ales Michl proposed reducing rates by half a percentage point to "demonstrate that the Board is forward-looking and believes that inflation will fall considerably this year compared to last year," but also stressed the need to remain cautious and hawkish. Michl noted that the neutral interest rate could be higher than before the pandemic, which was one of his arguments for proceeding with caution, and several colleagues agreed. He also said that the pace of monetary easing will depend on the movements of the koruna exchange rate. Click here to see the full document.
  • CNB Deputy Governor Eva Zamrazilova last night said that the interest-rate outlook largely depends on the koruna, which is currently weaker than forecast, adding that the Board is not considering FX interventions. She also used the opportunity to push back against overdone market rate-cut bets, in line with recent communications from herself and the Governor.
  • Seznam Zpravy reports that a group of local politicians has started rallying around Pardubice Region Governor Martin Netolicky, a social democrat, who may seek to form a new political movement.
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