Governor Glapinski Refuses To Say If Easing Cycle Has Been Halted

Governor Adam Glapinski refuses to declare if yesterday's on-hold decision represented just a brief pause or a longer break in the ongoing rate-cutting cycle, reaffirming that the central bank awaits more clarity on the inflation outlook.

• Glapinski says that there was "surprisingly" broad agreement among MPC members yesterday that there is heightened uncertainty (linked to the recent elections and the situation in the Middle East) and that keeping interest rates unchanged was the only rational decision.
• The Governor lists several pro-inflationary policy proposals of the incoming coalition government, noting that their implementation could significantly affect the NBP's inflation projection. However, these factors were not included in the latest projection amid uncertainty around the likelihood/details of their implementation.