Vote Split Eyed for Potential Dissenters

In March, the CNB voted 5-2 in favour of a 50bp rate cut, with Jan Frait and Tomáš Holub the two dissenters seeking a larger 75bp reduction. We will receive the vote split for today’s decision in the policy statement (at 14:45BST/15:45CEST), though the identities of any potential dissenters will only be revealed in the release of the minutes on May 10. We have had the following communication on voting preference since the last meeting:

• Tomáš Holub told Reuters that the current pace of monetary easing (i.e. 50bp/meeting) is optimal, and that it would be “harder to communicate” bolder action at this meeting than it would have been at the previous meeting.
• Deputy Governor Eva Zamrazilová told Ekonom magazine that she would decide between a 25bp and a 50bp rate cut at this meeting.