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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
- After April CPI Final print came in at 4.3% (as Preliminary) on Friday, economic data showed that April core CPI came in higher than expected at 3.9% (vs. 3.7% exp. and flat from the previous month), implying that both inflation measures are now standing above NBP's 3.5% upper tolerance band.
Source: Bloomberg/MNI
- We have seen that inflationary pressures have intensified in recent weeks, leading to a rise in disagreements (between NBP policymakers) over the trajectory of rates in the medium term.
- The 2023 breakeven inflation rate has been constantly rising in the past year and is currently trading at 3.88%; hence, the bond market is currently not expecting inflationary pressures to ease in the second half of his year (as some NBP policymakers expect).
- As a result, LT bonds have been under pressure recently, with the 10Y yield up nearly 30bps in the past week and currently testing its 2% resistance.
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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