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Biden Visit Tops Agenda

POLAND
  • US President Biden visits Warsaw Tuesday to meet with Duda after his surprise trip to Kyiv yesterday. Post-war reassurances for Ukraine and the EU’s plans for joint ammunition procurement are expected to top the agenda. Biden and Duda have their meeting ceremony at 1250 local time (1150GMT), followed by a few hours of talks and Biden’s speech at 1730 local time (1630GMT).
  • The Polish finance ministry will look to offer WIRON-based bonds in the second half of 2023, according to the deputy finance minister. The finance ministry had recently stated that the switch-out of interest rates from WIBOR to WIRON will not result in changing prices for floating-rate bonds.
  • DGP Daily today writes that Poland will likely record a weaker economy across Q1 this year, but that should be followed by an accelerating economy and disinflation. Nonetheless, disinflation will not justify rate cuts in late 2023 due to the still strong labour market.
  • Retail sales and construction output data are the headline releases due Tuesday at 1000 local time / 0900GMT.

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