The Czech National Bank (CNB) maintained a hawkish tone as it started its easing cycle today, but we still think that interest rates will be lowered by a further 300bp next year (from 6.75% to 3.75%). That’s more easing than the consensus forecast before today’s decision (for a fall in the policy rate to 4.25%).
This publication has been updated with additional analysis from the post-meeting press statement and press conference.
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