-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI NBH WATCH: 75bp Cut Base Case As Rows Hit Risk Appetite
The National Bank of Hungary is expected to trim the pace of rate cuts from 100 basis points a meeting to 75bp on Tuesday in response to market instability resulting from proposed government changes to the Central Bank Act and the ongoing tussle with Brussels over the release of stalled EU funds. (See MNI POLICY: Hungary Central Bank Likely To Cut By 75bp)
The NBH remains keen to bring rates back to the lowest level consistent with hitting its inflation target sustainably as quickly as possible, with fresh macroeconomic projections also due. At 3.7% February’s annual headline inflation is already within the tolerance band, but the core measure has proved stickier at 5.1%.
A 100bp cut - supported by the latest inflation and current account data - cannot be completely ruled out, with some Monetary Policy Council members seen voting for a repeat of last month's decision. But with financial market stability a key concern, recent currency weakness suggests 75bp is the most likely outcome.
Easing by half a percentage point may also be discussed but is very much the outside bet, especially following today’s announcement that the proposed oversight changes will not be enacted until the autumn, with talks between the NBH, its Supervisory Board and the Finance Ministry ongoing. (See MNI INTERVIEW: NBH Could Slow Rate Cuts To 75-50bp- ExGovernor)
Fresh growth projections will likely show a slight deterioration in the outlook from an already-disappointing position, though mild labour market easing will help moderate wage and inflation pressures.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.