Macro Analysis /
Czech RepublicCzech Republic: CNB repeats vote pattern; GDP, inflation projections upgraded
We believe members voted in same way as in June, so outliers were likely Benda (50bp hike), Dedek and Michl (no change)
New forecast raises GDP growth projection to 3.5% in 2021; it can be argued that previous forecast was low to begin with
We expect 25bp hikes at each of three next meetings in 2021 as most likely scenario, bringing policy rate to 1.50%
