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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
- In the past few weeks, we heard NBP governor Adam Glapiński and other Polish policymakers confirming that the spike in inflation was only going to be 'temporary' and that inflationary pressures should ease in the second half of 2021.
- The chart below shows that core CPI soared to 3.9% in March (from 3.7% in February), diverging significantly from NBP 3.5-percent upper tolerance band.
- However, former NBP governor Marek Belka said at an online forum today that inflation risks are 'spiraling out of control' and that the NBP is 'consciously seeking to stoke CPI'.
- With the 10Y yield trading at 1.53%, Poland currently offers the lowest 10Y real yield among the EM world, -2.37% (adjusted by core CPI) and -1.67% (adjusted by headline).
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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