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NBH To Hold Additional Non-Rate Decision Meeting Today

HUNGARY
  • The NBH is expected to hold an additional non-rate-decision meeting today, with policymakers likely to discuss the emergence of the new variant 'Omicron' (no specific time).
  • The last time the NBP (Poland) held an additional non-rate-decision meeting in the end of September resulted in an aggressive 40bps hike in their October meeting (vs. unchanged expected).
  • Hence, policymakers are likely to discuss policy outlook given that rising Covid cases will result in a significant downward revision in growth expectations:
    • on one hand, rising inflationary pressures should pressure the NBH to continue hiking rates;
    • on the other hand, hiking rates too aggressively when growth expectations are fading increase recession risks.
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