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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.
HUNGARY
- In an economic conference today, NBH Governor Gyorgy Matolcsy called the soaring inflation a 'public enemy', which has been a global phenomena since the start of the year.
- As a reminder, CPI inflation accelerated to 4.9% YoY in August (vs. 4.7% exp.), up from 4.6% the previous month, and is still standing significantly above the NBH 4-percent upper tolerance band (see chart).
- Policymakers decided to slow down the pace of the NBH tightening cycle by hiking the policy rate by 15bps on Tuesday to 1.65% following three consecutive '30bps hikes'.
- Unless inflation starts to surprise positively in the coming months (rising well above 5%), we expect the NBH to continue to increase its policy rate by 15bps at each of the next three meetings, which would lift up the policy rate to 2.1% by year end.
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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