Czech MPC signals rate hike in August

The hawkish tone of today’s post-meeting statement and press conference supports our non-consensus view that the first interest rate hike in the Czech Republic will come at August’s MPC meeting. Following that, we see the policy rate being raised to 1.00% (from 0.05% at present) by the end of next year. This is more tightening than the markets are currently pricing in.

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