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MNI BSP Preview - Dec 2023: On Hold, Inflation Close To Top End Of Target Range

BSP
  • With headline inflation threatening to break back below the top end of the BSP's 2-4% target band, we see risks the central bank can hold steady at tomorrow's policy meeting. The sell-side consensus is also heavily skewed towards no change.
  • The BSP has time on its hands to assess the outlook before acting again, although we still expect the central bank to sound hawkish around inflation risks and that it stands ready to act again if needed. It is also likely to reiterate policy will stay restrictive and that it's too soon to be thinking about rate cuts.
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