The board of the Czech National Board should decide about monetary policy today (May 31). We expect to see interest rates hiked by 25bps. The key two-week-repo-rate should increase to 2.75%. The tightening of current conditions would be a reaction to the continuing accumulation of inflationary risks. Especially strong economic growth pulled along by very positive domestic demand could continue to push for faster wage growth. We can expect one more interest rate hike before the end of the year.