Hawkish CNB accelerates its tightening cycle

The Czech National Bank (CNB) stepped up the pace of its tightening cycle with a 75bp interest rate hike, to 1.50%, at today’s meeting and its hawkish communications signalled that further aggressive hikes will be delivered in the coming months to tackle inflation. We now think that interest rates will rise to 3.25% in this cycle (previously 2.75%).

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