The Czech National Bank will discuss monetary policy today. We do not expect any interest rate hike, but one cannot be ruled out. At the previous meeting, one member of the board voted for a 50bps hike. However, published data in August rather reduced the inflationary fears. According to our estimates, CNB could hike interest rates in October. In case of fast GDP and wages growth in the 2Q, rates could be increased as early as in September.