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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM
MNI BRIEF: SNB Cuts Policy Rate By 50 BP To 0.5%
MNI EUROPEAN MARKETS ANALYSIS: ECB Expected To Cut Rates Later
MNI NBH WATCH: Hungary CenBank Cuts 50Bp To 7.25% As Expected
The National Bank of Hungary cut key interest rates by 50 basis points as expected on Tuesday to leave the base rate at 7.25%, with the growth outlook and risk perceptions strengthening and the current account balance continuing to improve.
A "careful and patient" approach to monetary policy approach remains paramount the Bank said, with risks to the inflation outlook and of financial market volatility still present. (See MNI EM POLICY: NBH Set For Second 50Bp Cut, H2 Outlook Less Clear)
The NBH expects price increases to gain pace temporarily in the middle of the year due to backward-looking services pricing and base effects, with core inflation seen fluctuating between 4.5-5.0% for the rest of the year.
"Anchoring inflation expectations, preserving financial market stability and disciplined monetary policy are crucial for the consumer price index to return into the central bank tolerance band on a sustained manner from next year," the Bank said in a statement, adding that the "expected divergence between monetary policies of two of the world’s leading central banks may lead to increased volatility in emerging markets through the global interest rate environment." (See MNI EM INTERVIEW: Hungary Central Bank Faces Volatile 2025-Kiraly)
Hungary's government recently announced it has raised the expected level of this year's budget deficit from 3.7% of GDP to 4.5%. Government budget deficits "may decline" in 2024, the central bank said, noting that gross government debt fell to 73.5% of GDP by the end of 2023. (See MNI EM INTERVIEW: Hungary Needs More Growth For Fiscal Target)
To read the full story
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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.