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NBH Minutes Expected to Show Dissenting Views for Second Month

HUNGARY
  • Adjusted for the number of working days, industrial output fell by 4.1% in January 2024 compared with the same period last year, the Central Statistical Office confirmed in a second reading of data this morning. Month-on-month, output fell by 1.1%, again matching the preliminary reading.
  • The release of the MPC’s February meeting minutes at 13:00GMT/14:00CET is expected to show dissenting votes, but this time to the hawkish side, among the Council for the second month in a row. In January, the MPC voted 7-2 in favour of a 75bp cut (with Zoltán Kovács and Mihály Patai voting for a larger cut).
  • Prime Minister Orban’s cabinet may discuss a legislative amendment that the central bank considers a risk to its independence. There are no other economic releases on the docket for the remainder of the week.

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