WOOD Flash – Hungary macro: preparing the ground for the June hike
The Monetary Policy Committee at the MNB decided to keep the interest rates unchanged at its meeting yesterday (25 May), in line with our expectations.In line with the hawkish comments from the Deputy Governor last week, there was a marked adjustment in the post-meeting statement, in favour of a rapid GDP rebound this year and higher inflation risks. Moreover, the hawkish tone was intensified, and it was asserted that “the MPC stands ready to tighten monetary conditions in a proactive manner and to the extent necessary”. Additionally, much of the focus was shifted towards the upcoming core meeting, in June, which will be accompanied by new forecasts, which are likely to convey higher inflation pressures in the coming year, in our view, thereby providing the grounds for the start of the tightening cycle.
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