Hungary's central bank left rates unchanged at 5.5%, extending its pause after three straight cuts over the summer. Governor Mihaly Varga said policymakers have shifted to a "cautious and data-driven" stance to hit the inflation target in a durable way, and flagged that how markets digest the government's fiscal plan will influence future decisions. The rate call landed the same day Magyar unveiled budget plans designed to lay the groundwork for euro entry. Varga said the budget path is "consistent" with joining the euro area , adding that the government must decide on next steps, including whether to place the forint in ERM-2, the currency system viewed as the anteroom to adoption.
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