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National Bank of Hungary Review: Higher for longer

2022. március 23.

ING THINK

The NBH raised the base rate by 100bp, while committed to a longer and bigger tightening cycle. The forward guidance was as hawkish as possible. In our view, the central bank is far from the end of the tightening cycle and we maintain our above 8% terminal rate call. We expect money markets to also price in more aggressive tightening.

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