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NBH Minutes Emphasise Deputy Governor Virag's Post-Meeting Comments

HUNGARY
  • Little new information in the NBH minutes that reiterated the post-decision comments from Deputy Governor Virag, who highlighted that pace of rate cuts would slow from Q2, and that while both 50bp and 100bp options were discussed, the 75bp cut was ultimately made unanimously.
  • As a reminder, Virag also said the Monetary Council views the 6.50-7.00% base rate range as the most realistic for the policy rate at the end of June (compared to the 6.00-7.00% range mentioned previously). This would imply 50bp and 75bp moves will be the base case moving forward, confirming that “in the Council’s assessment monetary policy would enter a new phase from April, with the pace of interest rate reduction slowing in the second quarter.”
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  • Little new information in the NBH minutes that reiterated the post-decision comments from Deputy Governor Virag, who highlighted that pace of rate cuts would slow from Q2, and that while both 50bp and 100bp options were discussed, the 75bp cut was ultimately made unanimously.
  • As a reminder, Virag also said the Monetary Council views the 6.50-7.00% base rate range as the most realistic for the policy rate at the end of June (compared to the 6.00-7.00% range mentioned previously). This would imply 50bp and 75bp moves will be the base case moving forward, confirming that “in the Council’s assessment monetary policy would enter a new phase from April, with the pace of interest rate reduction slowing in the second quarter.”