Czech National Bank makes 125bp hike

The Czech National Bank

The Czech National Bank caught investors off guard today (November 4) with a hefty rate hike as it looks to curb surging inflation.

The CNB board voted 5:2 to hike the main rate by 125 basis points, taking it to 2.75%. No analyst polled by Reuters had expected such a large hike.

The central bank expects a “sharp rise” in market interest rates at the end of 2021 and in early 2022, in response to “exceptionally strong price pressures” both domestically and overseas.

CNB forecasts predict

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