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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POLAND
- Sell-side institutions have recently upgraded their inflation forecasts slightly higher for 2021 and 2022; economists expect CPI inflation to end up at 3.35% by year-end and then fall back to 2.95% at the end of 2022.
- Recently, a rising number of policymakers have mentioned that the inflationary pressures could persist longer than expected in the coming months, with some MPC members forecasting inflation to average 4% this year (or maybe even higher).
- Interestingly, the 2023 breakeven inflation (white line) has consolidated by 25bps to 3.62% in the past week; we will see if the trend continues in the coming weeks and if the market-implied measure of inflation expectations falls back within the 1.5%-3.5% NBO tolerance band.
- If inflationary pressures start to ease in the second half of this year (as Governor Glapinski mentioned in his recent speeches), then we would expect the NBP to keep rates steady until the end of Q1 2022 (when the MPC term ends).
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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