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MNI BSP Preview- June 2023: On Hold Again

EXECUTIVE SUMMARY

  • None of the 25 economists surveyed by Bloomberg expect a change from the BSP tomorrow, with the policy rate forecast to hold steady at 6.25%. This is also our bias heading into the meeting.
  • The authorities appear confident of a further down move in headline inflation pressures as we progress through the remainder of 2023. The baseline view is that, by year end, inflation is expected to be back sub the top end of the target band (2-4%), before reaching the 3% mid point in 2024.
  • Focus may inevitably shift to when the BSP will cut rates. Finance Secretary Diokno noted Q1 2024 was a possibility if the inflation impulse fell strongly enough. A lot is likely to ride on how the Fed outlook unfolds as we progress through H2 of 2023.
  • Click to view the full preview here:

    • BSP Preview - June 2023.pdf


Asia Bank - PreviewHomepageBangko Sentral ng Pilipinas - PrevEM Central Bank ReportsEM Central Bank PreviewEmerging Market News
Asia Bank - PreviewHomepageBangko Sentral ng Pilipinas - PrevEM Central Bank ReportsEM Central Bank PreviewEmerging Market News

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