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MNI BSP Preview - February 2024: No Change, Still Too Early For Rate Cuts

BSP
  • The strong consensus, and our own firm bias, is for the BSP to remain on hold at today's policy meeting. Whilst the central bank and the government authorities will be pleased with the sharp trend down in inflation pressures through 2023, they will be mindful of the risks around the 2024 outlook, particularly with less favourable base effects.
  • The offshore backdrop has also turned less dovish, with US developments generally pushing back the timing of the Fed cutting cycle. This is also likely to feed into the BSP thinking.
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