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Policymakers Signal 75bps Hike in June Could Mark Top of Rates Cycle

CZECHIA
  • Speaking in a television interview yesterday, CNB’s Holub said that the bank needs to tighten policy further next month in order to keep fighting runaway inflation. Holub was asked directly about markets pricing a 75bps hike at the June 22nd meeting, to which he responded it was a “realistic prediction”.
  • A 75bps hike would be on par with the pace set at the May meeting, at which the CNB raised rates by 75bps to 5.75% - against consensus of a 50bps hike. On Friday, policymaker Nidetzky indicated a June rate hike could be the last of the tightening cycle, with rates high enough to return inflation to the 2% target by the end of 2023.
  • Trade minister Sikela this weekend cited the government’s expenditure on energy tariffs cutting the costs of a part of households' consumption by 15-20 percent, a sign that the government’s budget spending is helping ease a squeeze on household incomes.
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