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Economists See Rate-Hike Pause As Premature, Cabinet To Discuss Gas Price Cap

POLAND
  • Parkiet/Rzeczpospolita report that 33 out of 43 economists in their survey believe that the NBP paused its rate-hike cycle too soon and should resume tightening monetary conditions. The median recommended terminal rate level was 8.0% versus the current 6.75%.
  • The Cabinet will today discuss a draft bill on gas price cap for households and vulnerable customers, PR24 reports this morning. Economic Development and Technology Minister Buda said that the Premier will unveil the details later today. The cost of the plan will likely be less than the initial estimate of around PLN30bn.
  • The ruling Law and Justice party lost control over a regional legislature in Silesia (PM Morawiecki's home constituency), as several officials defected to the opposition, citing the government's failure to unblock the disbursment of EU recovery funds. This will add to the headwinds for the ruling party ahead of the 2023 general election.
  • Around half of respondents in Rzeczpospolita survey said they expect Eurosceptic Justice Minister Ziobro to survive the imminent no confidence vote but his position will be weakened. Ziobro's party has been the key voice advocating a firmer stance in Poland's talks with Brussels.
  • Poland's PPI, industrial output, wage and employment data for October cross the wires this morning.
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