ING strategist Frantisek Taborsky highlights easing Romanian inflation driven mainly by base effects, with the National Bank of Romania unlikely to cut rates before early 2027. Higher yields support regional FX"In Romania, July inflation released this morning showed the first signs of easing, with headline inflation falling from 10.4% to 8.2% YoY, the lowest level since mid-2025. "We expect inflation to keep declining, but the National Bank of Romania is unlikely to cut rates before early 2027." Rates sold off sharply at yesterday’s open, led by the Czech market, before signs of US-Iran negotiations brought some relief. Even so, pricing remains hawkish, with almost three rate hikes priced in for the Czech Republic and two for Poland."