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VIEW: Citi Expect BNM To Stand Pat

BNM

Citi note that "the hurdle for a BNM rate cut has yet to be decisively crossed as (1) accelerated vaccinations could strengthen the recovery upon re-opening, even if pushed back slightly by lockdown extensions, (2) impact on the job market appears manageable so far, with jobless claims per working day falling with each week of the TMCO, and (3) substantial support from latest and earlier stimulus measures could cumulatively be viewed as plausible substitutes for another OPR cut."

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