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Central Bank Tensions Rise, Final CPI Reading On Friday

POLAND
  • The dispute among Poland’s top central bankers intensified on Tuesday after allies of Governor Glapinski hit back against dissenters challenging the bank’s practices and its efforts to tame inflation.
  • New board member Joanna Tyrowicz, who attended her first monthly MPC gathering in October, said there is big space for rate hikes, noting that CPI will not return to target within 2 years.
  • Glapinski and four other MPC members issued a joint statement on Tuesday saying that they “don’t accept and express extreme disapproval” of the public comments, without clarifying to whom they were referring.
    • The spat has a political dimension. Tyrowicz, Litwiniuk and a third member, Ludwik Kotecki were all appointed to the council by Poland’s upper house of parliament, which is controlled by the opposition.
  • With some potential additional spillovers from the Hungary CPI surprise, POLGBS came under pressure across the curve with two-year yields rising around 35 basis points throughout the session.
  • The final reading of CPI is due to be released on Thursday. For reference the preliminary reading came in at 17.2% Y/y.
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