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Inflation Expectations Are “Outrageously” High

POLAND
  • Parkiet run an interview with NBP’s Tyrowicz this morning, who stated that Poland needs 100bps in further rate hikes as previous restraint led to real rates holding at low levels earlier in the cycle. She added that inflation expectations are “outrageously” high and that the NBP needs to regain credibility.
  • Tyrowicz’s comments are infitting with her hawkish stance relative to the rest of the board, after she said last week that there’s “much scope” for rate hikes.
  • The potential blocking of EU funds for Poland poses risks for industry as well as government, according to DGP. The piece cites construction association NDI as saying a lack of EU funding would translate into financial problems for a number of builders as well as general contractors.
  • Coal scarcity remains an issue this winter despite lower energy prices, with a survey conducted by Rzeczpospolita showing only 20% of heating plants have secured supplies for the winter heating season. 55% of respondents have enough coal ahead of year-end.
  • PM Morawiecki attends a conference on Ukraine later today, with unemployment rate data also due, seen unchanged at 4.8% for September.
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