The Czech National Bank accelerated the pace of its monetary easing cycle today with a 50bp interest rate cut, to 6.25%, and the post-meeting communications support our view that an even larger interest rate cut is on the cards at the next meeting in March. We currently think that interest rates will be cut by at least 75bp at that meeting, and that rates will fall further than most expect by the end of this year, to 3.75%.
This publication has been updated with additional analysis from the post-meeting press statement and press conference.
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