{"id":152032,"date":"2026-01-27T16:43:18","date_gmt":"2026-01-27T15:43:18","guid":{"rendered":"https:\/\/gazdasagportal.hu\/?p=152032"},"modified":"2026-01-27T16:43:18","modified_gmt":"2026-01-27T15:43:18","slug":"indokolt-az-ovatossag","status":"publish","type":"post","link":"https:\/\/gazdasagportal.hu\/index.php\/indokolt-az-ovatossag\/","title":{"rendered":"Indokolt az \u00f3vatoss\u00e1g"},"content":{"rendered":"<p><strong>A Monet\u00e1ris Tan\u00e1cs mai kamatd\u00f6nt\u0151 \u00fcl\u00e9s\u00e9n sem v\u00e1ltoztatott az ir\u00e1nyad\u00f3 kamatokon. A jegybanki alapkamat most m\u00e1r tizenhat h\u00f3napja v\u00e1ltozatlan \u00e9s 6,50 sz\u00e1zal\u00e9kon \u00e1ll. A kamatfolyos\u00f3 k\u00e9t sz\u00e9le szint\u00e9n v\u00e1ltozatlan maradt \u2013 5,50, illetve 7,50 sz\u00e1zal\u00e9kon. A d\u00f6nt\u00e9s nem okozott meglepet\u00e9st, megfelelt a sz\u00e9les k\u00f6r\u0171 elemz\u0151i konszenzusnak. <\/strong><!--more--><\/p>\n<div class=\"ads-in-post2\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-6t+ed+2i-1n-4w\"\r\n     data-ad-client=\"ca-pub-1959107119989764\"\r\n     data-ad-slot=\"4008251320\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><strong>\u00a0<\/strong><\/p>\n<p>Az el\u0151retekint\u0151 ir\u00e1nymutat\u00e1sa nem v\u00e1ltozott: <em>\u201eA Monet\u00e1ris Tan\u00e1cs elk\u00f6telezett az infl\u00e1ci\u00f3s c\u00e9l fenntarthat\u00f3 el\u00e9r\u00e9se mellett. Az infl\u00e1ci\u00f3s k\u00f6rnyezetet \u00f6vez\u0151 kock\u00e1zatok tov\u00e1bbra is \u00f3vatos \u00e9s t\u00fcrelmes monet\u00e1ris politik\u00e1t tesznek sz\u00fcks\u00e9gess\u00e9. A d\u00f6nt\u00e9shoz\u00f3k meg\u00edt\u00e9l\u00e9se szerint a szigor\u00fa monet\u00e1ris kond\u00edci\u00f3k fenntart\u00e1sa indokolt. A Tan\u00e1cs folyamatosan \u00e9rt\u00e9keli a be\u00e9rkez\u0151 makrogazdas\u00e1gi adatokat \u00e9s az infl\u00e1ci\u00f3s kil\u00e1t\u00e1sokat befoly\u00e1sol\u00f3 t\u00e9nyez\u0151ket, kiemelten az \u00e9v eleji \u00e1t\u00e1raz\u00e1sokat, valamint a p\u00e9nz\u00fcgyi piacok stabilit\u00e1s\u00e1t, amelyek alapj\u00e1n k\u00f6r\u00fcltekint\u0151en \u00e9s adatvez\u00e9relten, \u00fcl\u00e9sr\u0151l \u00fcl\u00e9sre d\u00f6nt az alapkamat m\u00e9rt\u00e9k\u00e9r\u0151l.\u201d<\/em><\/p>\n<p>&nbsp;<\/p><div id=\"gazda-831640900\" class=\"gazda-tartalomban gazda-entity-placement\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-6t+ed+2i-1n-4w\"\r\n     data-ad-client=\"ca-pub-1959107119989764\"\r\n     data-ad-slot=\"4008251320\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>A jegybank eln\u00f6k\u00e9nek k\u00f6zl\u00e9se szerint a d\u00f6nt\u00e9s egyhang\u00fa volt, nem volt m\u00e1s opci\u00f3 az asztalon. Ism\u00e9t hangs\u00falyt kaptak a lakoss\u00e1gi infl\u00e1ci\u00f3s v\u00e1rakoz\u00e1sok, melyek magas szinten ragadtak meglehet\u0151sen hossz\u00fa ideje, ami igazolja a szigor\u00fa kond\u00edci\u00f3k fenntart\u00e1s\u00e1t \u00e9s tov\u00e1bbi \u00f3vatoss\u00e1got indokol. A decemberi adatok kellemetlen szerkezete rossz \u00f3men az \u00e9v eleji \u00e1t\u00e1raz\u00e1sok tekintet\u00e9ben, melyek \u00edgy m\u00e9g ink\u00e1bb figyelmet kaphatnak. Fontos lesz l\u00e1tni a k\u00e9t h\u00e9t m\u00falva megjelen\u0151 janu\u00e1ri infl\u00e1ci\u00f3s adatok nyom\u00e1n \u00e9rkez\u0151 jegybanki komment\u00e1rt, ugyanakkor a k\u00e9rd\u00e9sekre adott mai v\u00e1laszok alapj\u00e1n cs\u00f6kkent a febru\u00e1ri kamatv\u00e1g\u00e1s es\u00e9lye.<\/p>\n<p>(<strong>Erste, Nagy J\u00e1nos, makrogazdas\u00e1gi elemz\u0151<\/strong>\u00a0)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Monet\u00e1ris Tan\u00e1cs mai kamatd\u00f6nt\u0151 \u00fcl\u00e9s\u00e9n sem v\u00e1ltoztatott az ir\u00e1nyad\u00f3 kamatokon. A jegybanki alapkamat most m\u00e1r tizenhat h\u00f3napja v\u00e1ltozatlan \u00e9s 6,50 sz\u00e1zal\u00e9kon \u00e1ll. A kamatfolyos\u00f3 k\u00e9t sz\u00e9le szint\u00e9n v\u00e1ltozatlan maradt \u2013 5,50, illetve 7,50 sz\u00e1zal\u00e9kon. A d\u00f6nt\u00e9s nem okozott meglepet\u00e9st, megfelelt a sz\u00e9les k\u00f6r\u0171 elemz\u0151i konszenzusnak.<\/p>\n","protected":false},"author":1001010,"featured_media":145957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[436,19],"tags":[],"_links":{"self":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/152032"}],"collection":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/users\/1001010"}],"replies":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/comments?post=152032"}],"version-history":[{"count":1,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/152032\/revisions"}],"predecessor-version":[{"id":152033,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/posts\/152032\/revisions\/152033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/media\/145957"}],"wp:attachment":[{"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/media?parent=152032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/categories?post=152032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gazdasagportal.hu\/index.php\/wp-json\/wp\/v2\/tags?post=152032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}