BOC SAYS DON'T EXPECT RATES TO RETURN TO PRE-COVID LEVELS

MNI BRIEF: BOC Says Time For Rate Cut Is Nearing

BOC REITERATES TIME FOR RATE CUT IS GETTING NEARER

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

US Treasury Auction Calendar

US EIA:NAT GAS STORAGE +59 BCF TO 2,484 BCF APR 26 WK

MNI: US MAR FACTORY ORDERS +1.6%; EX-TRANSPORT NEW ORDERS +0.5%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Is the NBP board slowly pivoting?

POLAND
  • First, we saw that NBP member Eugeniusz Gatnar has been constantly talking about the rise in inflation risks in Poland, and aiming for a symbolic hike next meeting (July 8) to reassure market that NBP is ready to react in case inflation pressures continue to rise in the coming months.
  • This early afternoon, MPC member Kamil Zubelewicz commented in an interview that it would make sense to raise rates to 1.5%, without specifying anything any timeframe.
  • FRA 6Mx9M trading 36bps above the Wibor, market pricing in 1 to 2 hikes by the end of this year.
  • Is the NBP board pivoting towards gradual tightening?
  • The majority still aims to keep interest rates low until the MPC term ends in Q1 2022 as uncertainty over the economic recovery is still elevated.
  • The probability of a rate hike next meeting is very low; however, summer inflation projections and July CPI print will give an update on policy outlook.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

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.