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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
- Yesterday, Poland announced that it will replace on of the variables of the spending rule; conditional on the current level of inflation, the current rule would imply a sharp readjustment in fiscal policy at the worst economic time.
- Polish government also revised its 2022 inflation forecast higher to 9.1% and sees inflation averaging 7.8% in 2023.
- Final May CPI print will be released this morning (10am CET) after preliminary data showed that inflation accelerated to 13.9% (vs. 12.4% the previous month)
- In addition to the Ukraine war shock, we previously saw that the sharp tightening in financial conditions has been pricing in a significant slowdown in the economic activity in H2 2022 H1 2023.
- For instance, the chart below shows that the sharp flattening of the traditional 2Y10Y yield curve has been pricing in a significant drop in the industrial production (‘proxy’ for economic growth).
Source: Bloomberg/MNI
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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