No Early Rate Cut

According to Portfolio Hungary:

The postponed first rate cut in May might be postponed further until July at minimum, because seeing the latest dynamically growing wage data the central bank will demonstrate cautiousness again, analysts said to portfolio.hu poll today, when we asked 21 experts. Most of those who answered (18 experts) think that the Monetary Council of the NBH will leave the base rate unchanged at 8% on its June 25 rate setting meeting, and will cut 100 bps before the end of this year, while there will be a further 50 bps rate cut in 2008.