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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
- The 2Y10Y yield curve continues to flatten, currently trading at 8.5bps.
- The aggressive hikes from NBP in the last two meetings has led to a sharp upside retracement on the short end of the curve, with the 2Y yield up 210bps since the start of October.
- On the other hand, the rising uncertainty over the economic outlook may limit the downside risk on LT bonds, which has led to a sharp flattening in the past few weeks.
- We will see if policymakers may react to a potential inversion of the yield curve as it generally tends to act as a strong leading indicator of the economic activity.
- The chart below shows that the 2Y10Y yield curve has historically led Poland industrial production by 6 months.
- We smoothed the 2021 April/May Industrial Production due to the base effect.
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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