-
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 MNB WATCH: 100BP Cut Ups Pace Of Hungarian Easing
The National Bank of Hungary increased its pace of rate cuts from 75 basis points to 100bp on Tuesday, taking the base rate to 9% as the economy slows.
Stronger than expected disinflationary forces and a “balanced” outlook for Hungary’s GDP growth mean inflation should return to the 3% target rate sustainably in 2025, the bank said in a statement.
External and domestic demand pressures remain low, while weak European economic activity continues to hold back domestic exports. Yet improvement is expected over the course of 2024, with a gradual recovery in domestic demand as real wages rise.
DOWNSIDE RISKS
"The short-term economic outlook is still exposed to downside risks, which is further exacerbated by the generally tense geopolitical situation," the Bank said, adding that it would take a data-dependent and gradual approach to keep interest rates at positive real levels. (See MNI POLICY: Hungary CenBank Set To Cut 100BP As Growth Falters)
Market expectations for rates are “realistic,” the Bank said in an accompanying document. Investors expect the base rate to end the year at 6-7%.
Consumer prices fell 1.7% in January to 3.8%, bringing inflation within the Bank’s tolerance band, while core inflation dipped 1.5 percentage points to 6.1% in annual terms.
Underlying inflation will continue to moderate, the bank said, but headline inflation will be pushed somewhat higher by increases in fuel duty and an overall temporary rise towards the middle of the year due to base effects.
Hungary’s current account balance and risk perception also improved, the MNB statement said, helped by an inflow of EU funds which boosted net lending and the central bank’s foreign exchange reserves.
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.