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Glapinski Says Room for Further Rate Cuts Has Narrowed Considerably

POLAND
  • In response to a question from PAP news agency, NBP Governor Glapinski said the room for more interest-rate cuts has significantly narrowed after the 75bp cut earlier this month. “After this adjustment, the room for further interest rate cuts has narrowed considerably, although it will continue to be there with incoming data,” he said.
  • Speaking late last night, President Duda criticised Ukraine for its handling of a dispute over imported grain. “We cannot allow that Ukrainian grain is sold on the Polish market without any control,” Duda said in an interview on Bloomberg Television. “We also have our own citizens, we have to care for their interest."
  • Support for the ruling Law & Justice party has fallen 0.7 ppt to 32.8%, according to a United Surveys poll for Wirtualna Polska. Such backing would give the party 185 seats in the 460-seat lower chamber of parliament and would not allow the ruling party to have majority, according to calculations cited by the website.
  • The following data is on the docket at 0900BST/1000CET:
    • PPI (Est: -2.9% y/y; Prior: -1.7%)
    • Sold Industrial Output (Est: -1.7% y/y; Prior: -2.7%)
    • Employment (Est: +0.1% y/y; Prior: +0.1%)
    • Average Gross Wages (Est: +11.8% y/y; Prior: +10.4%)

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