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Kochalski Expects Rate-Cut Debate "In Some Time," Wnorowski Not Fixated On Any Decisions

POLAND
  • NBP's Cezary Kochalski dismissed speculation that the Monetary Policy Council could cut rates in September because of the upcoming parliamentary election and reaffirmed the Council's data-dependence. The official told Interia.pl that it should not be surprising that the decision to formally end the rate-hike cycle could be an impulse towards a rate-cut debate, which may become possible in some time, after the summer at the earliest. Kochalski confirmed that the Council's bias has shifted towards keeping rates stable or lowering them under certain conditions. However, he used relatively guarded language compared with his dovish colleagues, and stressed that the Council will act "prudently and cautiously," as he acknowledged a suite of hawkish risks.
  • Henryk Wnorowski from the MPC told Parkiet that the information whether inflation slowed below +10% Y/Y will be an important signal, "perhaps even with a 50% weight," but "there are also other considerations." He added that he is not "fixated" on any specific decision on any given meeting, but he is not satisfied with the information received so far. Known as a moderate policymaker, Wnorowski said that the bulk of his optimism stems from the ongoing decline in consumption, which should eventually affect sellers' behaviour.
  • Poland's embattled Constitutional Tribunal will convene on July 20 to elect two candidates for Deputy Chief Justice, who will then be forwarded to the President. The Tribunal remains divided into a camp of nine "loyalists" siding with Chief Justice Julia Przylebska and six "rebels" claiming that her term has expired. It is unclear if the Tribunal will reach the quorum (10 justices) to elect the two candidates.
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