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Unemployment Rate Remains At 3.7% in June

CZECHIA
  • Prime Minister Andrej Babis meets Interior Minister Jan Hamacek to discuss whether the coalition government should give another term to BIS intelligence agency chief Michal Koudelka (BBG).
  • Last week, the CNB decided to raise its benchmark rate by 25bps to 0.75% as expected. Four Czech central bankers backed a 25bps hike at today's meeting, one sought 50bps hike and two voted for no change.
  • Rusnok added that the CNB is ready to hike interest rates at each of the remaining three meetings in 2021, which would raise the policy rate to 1.5%.
  • The CNB board seems very concerned with inflation and is very likely to deliver a steep hiking cycle, raising rate at each of the last three meetings (which would bring the policy rate up to 1.5% by the end of the year).
  • This morning, economic data showed that unemployment rate remained at 3.7% in June.
  • Next important data to watch will be July CPI inflation, coming out on August 10, and expected to increase to 2.9%.
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