The Czech National Bank kept interest rates on hold at 0.05% today, but the post-meeting press conference provided the clearest signs yet that some policymakers are keen to adopt unconventional policy easing. At the moment, the MPC appears to be divided on the need for this. Hence much will depend on the very latest data. For now, we think the most likely case is that the recent strengthening of the economy will prevent the more hawkish MPC members from voting in favour of further easing.
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