Czech Interest Rate Announcement (Nov.)

The Czech National Bank cut its policy rate by 25bp again today, to 4.00%, and we still think that the conditions will be in place for the policy rate to be lowered to its estimated neutral level of 3.00% next year. That said, recent hawkish noises from policymakers suggest that there is a risk that the easing cycle could progress a bit more slowly in the coming months.

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