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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Czech National Bank
Czech National Bank
Executive Summary:
- CNB surprised the market with an aggressive 100bps hike
- Policy rate rate now stands at its highest level pre-GFC
- With inflation expected to remain elevated longer than previously estimated, the terminal rate could be reviewed to the upside (above 4%).
Link to full preview:
The CNB decided to raise its benchmark rate more than expected by 100bps to 3.75% (vs. 3.5% exp.) on Wednesday to continue its fight against inflation. Figure 1 (left frame) shows that the policy rate now stands at its highest level pre-GFC and will certainly reach new record highs based on recent Czech policymakers’ speeches. With inflation expected to remain elevated longer than previously estimated, the terminal rate could be reviewed to the upside (above 4%).
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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