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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI NBP Preview - May 2024: Another Hawkish Hold
Executive Summary:
- The NBP is expected to keep interest rates unchanged again.
- Inflation eased into the tolerance band but has now started to rebound.
- Governor Glapiński will likely warn of familiar risks and uncertainties.
Full preview including a summary of sell-side views here:
MNI NBP Preview - May 2024.pdf
The upcoming monetary policy meeting is set to be a placeholder, with the National Bank of Poland (NBP) widely expected to sit on its hands at least until the publication of the next inflation projection in July. Although CPI growth remains within the central bank’s tolerance band, it is past its local trough and will accelerate into 2H2024. Meanwhile, familiar risks and uncertainties repeatedly flagged by various MPC members continue to linger, limiting room for any imminent interest-rate adjustments. That being said, better-than-expected inflation outturns for 1Q2024 and a more gradual phase-out of energy subsidies tentatively proposed by the government leave the prospect of a cut by the year-end on the table.
To read the full story
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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.