CNB says the vote to hold rates at 3.75% was unanimous, sees risk to meeting inflation target as inflationary overall

In past CNB cycles the bank has shown a willingness to move against the regional grain, having been an early hiker among its peers in the prior tightening round, so hawkish rhetoric from this institution has historically carried more follow-through than from doves elsewhere in the region. The transmission runs through the koruna and the short end of the CZK curve: a board flagging inflationary risks at a hold tends to firm the currency and steepen front-end rate expectations, particularly where positioning had leaned toward cuts. The tell in coming weeks is whether board members' commentary and the next forecast round validate the risk language or soften it, and whether the vote split stays unanimous, since the first dissent is usually the leading indicator of direction. The calendar follow-ons are the domestic inflation print and wage data, which for this bank have tended to be the binding constraint.