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STIR Market Still Pricing In Terminal Rate Around 6.75%

CZECHIA
  • Incoming Governor Michl reiterated this week that he will propose rate stability after taking over in July as current rates are sufficient to tame demand risks.
  • Two-thirds of Czech inflation are cost-driven, imported, according to Michl.
  • Michl also said that CZK was impacted by speculative flows following his appointment, and favors strong CZK based on LT capital inflows.
  • Michl added that he plans to increase the return on FX reserves by raising the level of stocks and gold.
  • CNB Benda said this week that it was too early till to predict the outcome of the June rate meeting.
  • STIR market still prices in a terminal rate at around 6.75% (vs. 5.75% current) with the FRA 6Mx9M currently trading at 6.74%.
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  • Incoming Governor Michl reiterated this week that he will propose rate stability after taking over in July as current rates are sufficient to tame demand risks.
  • Two-thirds of Czech inflation are cost-driven, imported, according to Michl.
  • Michl also said that CZK was impacted by speculative flows following his appointment, and favors strong CZK based on LT capital inflows.
  • Michl added that he plans to increase the return on FX reserves by raising the level of stocks and gold.
  • CNB Benda said this week that it was too early till to predict the outcome of the June rate meeting.
  • STIR market still prices in a terminal rate at around 6.75% (vs. 5.75% current) with the FRA 6Mx9M currently trading at 6.74%.