The decision by the Czech National Bank to cut its policy rate by a further 25bp today, to 4.25%, was followed by communications which, on balance, felt a bit more dovish than at the last meeting. We maintain our forecast for the policy rate to end this year at 3.75% and next year at 3.00%, which is slightly below the latest published consensus forecast.
This publication has been updated with additional analysis since the post-meeting press statement and press conference.
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