CNB more worried about inflation, but not enough to vote a rate hike - minutes
- Benda and Mora voted for a 25bp hike- Discussion approached issue about mandate fulfilment; some argue it is fulfilled if inflation is within tolerance band, others prefer aiming for 2% target
- A board member (likely Benda) is worried about inflationary impact from weaker exchange rate; board agrees bigger interest rate differential won't affect exchange rate
- We feel majority of board members would like to see more hard data before they decide what to do next
- In case of a hard Brexit, we don't expect a majority in favour of a hike to form, since next MPC vote is on Nov 7
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