Czech National Bank Governor Michl sounded fairly cautious in his guidance about the future course of the easing cycle in the post-meeting press conference today. But the post-meeting statement struck a slightly more dovish tone than Governor Michl did, and we remain comfortable with our view that interest rates will fall a bit further than most analysts expect by year-end, to 3.75% (from 4.50% now).
This publication has been updated with additional analysis since the post-meeting press statement and press conference.
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