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Rusnok Rejects PM Babis Criticism of the CNB Aggressive Tightening Cycle

CZECHIA
  • The Czech government formally approved its resignation to transfer power to a coalition of parties that won October elections, the public newswire CTK reports (BBG).
  • CNB Governor Rusnok rejected PM Babis recent criticism of the central bank's aggressive tightening cycle. Babis wrote in an opinion piece: (BBG quote) "The Czech National bank is not coming up with some experiment designed to choke the economy. It only wants to cool its overheating parts".
  • Yesterday, economic data showed that Czech CPI inflation continued to surprise positively in October, up 5.8% YoY (vs. 5.5% exp.), up from 4.9% the previous month.
  • Even though inflationary pressures are expected to remain elevated until January 2022, the inversion of the yield curve in the end of October could slow down the pace the of CNB tightening cycle.
  • On one hand, policymakers are raising rates aggressively to combat inflation risks; on the other hand, the yield curve continue to fall into deeper territory as the uncertainty over the economic outlook remains elevated.
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