Magyar Nemzeti Bank

Watching Stocks, Long-Term Interest Rates, and Events on Capitol Hill

February 23, 2021

Futures trading on the Nasdaq, which fell over 300 points yesterday, are down an additional 1.4% this Tuesday. The half-percentage point rise in the U.S. ten-year Treasury yield since mid-December reflects speculation that inflation and growth may be stronger than assumed later this year but not so much so as to provoke the Fed into […] More

Hungary’s Central Bank Rate Left at 0.60%, But Officials Warn of Chance that Covid Delivers a Second Blow

August 25, 2020

There’s little remarkable in today’s Hungarian Monetary Council decision to leave its central bank base rate unchanged at 0.90%. To counter economic damage from the Covid-19 pandemic, officials engineered rate cuts of 15 basis points each at their policy reviews in June and July. Also CPI inflation rose in Hungary to 3.8% last month a […] More

Hungary’s Central Bank Interest Rate Cut 15 Basis Points to 0.60%

July 21, 2020

Officials on the Monetary Council of Magyar Nemzeti Bank reduced the central bank base rate from 0.75% to 0.60%. The rate had been also cut by 15 basis points at the June policy review after having held at 0.90% since a reduction in May 2016. In a released statement, officials note that Hungary’s economy was […] More

Hungary’s First Base Rate Cut in Four Years

June 23, 2020

The base rate of the Central Bank of Hungary, which had been at 0.90% since a 15-basis point reduction exactly four years ago, was reduced by another 15 basis points to 0.75%. CPI inflation this year is expected to hover between 3.0% and 3.5% and to average even less in 2021. The overnight deposit rate […] More

Bigger Risk Appetite of Monday Continues

April 7, 2020

Share prices in Asia closed up 9.0% in India, 4.1% in Singapore, 2.1% in China and Hong Kong, 2.0% in Japan and 1.8% in South Korea and Taiwan. Equity markets so far in Europe show additional gains today of 4.3% in Italy, 4.0% in Germany, 3.1% in France, 3.5% in Spain and 3.0% in the […] More

U.S. Fiscal Deal Gives Stocks Only Brief Lift

March 25, 2020

Today will be a very important day to watch U.S. stocks. There has yet to be two consecutive up sessions since the market peaked in mid-February. The big overnight news was a tentative accord between President Trump and the U.S. senate on a $2 trillion fiscal stimulus, which moves next to a full-senate vote today. […] More

Hungarian National Bank Interest Rates Left Unchanged

August 27, 2019

There was no interest rate change as anticipated at this month’s monetary policy review by the Magyar Nemzeti Bank Council. The base rate has been at 0.90% since a 15-basis point cut in May 2016. The overnight deposit rate was raised 10 basis points last march to -0.05%, reversing a similarly sized cut in September […] More

Dollar Up on Day with Two Large News Developments

July 23, 2019

Boris Johnson, who favors a very hard U.K. break with the EU, was selected as the new leader of the British Conservative Party and will thus succeed Theresa May tomorrow as primeĀ  minister. This development greatly increases the likelihood that Britain will leave the European Union by October 31 without any negotiated terms. U.S. congressional […] More

No Change in Hungarian Monetary Policy at Latest Review

February 26, 2019

Magyar Nemzeti Bank’s base rate has been at 0.90% since a 15-basis point cut in May 2016, and Hungary’s overnight deposit rate has been negative 0.15% since a a 10-basis point reduction in September 2017. A statement released today after the latest review speaks of eventual normalization: The Monetary Council is prepared for the gradual […] More

National Bank of Hungary

January 29, 2019

Although leaving Hungary’s central bank base rate (0.90%) and overnight deposit rate (-0.15%) unchanged at their cyclical lows, officials at Magyar Nemzeti Bank are now contemplating a policy trend reversal, affecting both its quantitative stimulus and these key interest rates. The Monetary Council is prepared for the gradual and cautious normalization of monetary policy, which […] More

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