While the ice-hockey play-offs ended with Kometa Brno beating Dynamo Pardubice only in the deciding seventh game, the imaginary team of “Dynamo Doves” was trampled into the ice outright at the Bank Board’s March monetary policy meeting. By that we mean the fact that all 7 members of the Bank Board voted to leave interest rates at their current level. In our view the Bank Board thereby wasted an opportunity to show that it looks far enough ahead in its decisions. After the publication of the flash estimate of April inflation, however, it could hardly find reasons not to cut rates at its May meeting.
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