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SocGen See Base Rate, Depo Rate Converging at 7% in Sept


On tomorrow's NBH meeting, SocGen write that:

  • They expect a 50bps hike to the base rate (to 5.90%) and a 30bps rate rise to the 1w depo rate (to 6.75%).
  • SocGen see recent NBH comms as clearly indicating that it plans to slow down its tightening pace. They believe hiking is warranted given recent HUF weakness and expect the base rate and depo rate to converge at 7% in September.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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