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MPC Voted 7-2 in Favour of 100bp Rate Cut in February

HUNGARY
MPC voted 7-2 in favour of the 100bp rate cut in February (Kolos Kardkovács, Gyula Pleschinger voted for a smaller 75bp move). Highlights from the minutes:
  • In the Council’s judgement, achieving an interest rate of 6-7 percent gradually by the end of 2024 H1 was still a realistic scenario.
  • Members stressed that they did not set interest rates by focusing on single decisions. Rather, they intended to reach an interest rate path that ensured that price stability was achieved.
  • Two members were of the view that it was a key priority to assess... the risks to the external environment. Based on this, they considered it appropriate to take a more cautious approach to continuing the pace of interest rate reductions.
  • The March Inflation Report was expected to be key in judging the pace at which the interest rate cuts continue in 2024 Q2.
  • Several members noted that the causes of the noise that preceded the January policy decision and threatened financial market stability, had dissipated.

See the full release here.

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