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Litwiniuk Reiterates Hawkish Preferences

POLAND
  • NBP’s Litwiniuk spoke to TVN24 this morning, stating that he sees no room to either cut rates, nor communicate a rate cut “in the near future”. Nonetheless, he added that he expects a cut based on the communications from both the governor Glapinski as well as other MPC colleagues.
  • Litwiniuk has long been among the more hawkish members of the MPC, reiterating his preference for higher rates on numerous occasions this year.
  • Speaking on Saturday, PM Morawiecki issued a warning that Wagner mercenaries and other private Russian soldiers could cross over Polish borders alongside genuine migrants. In response, the Polish government have sent military reinforcements to the most sensitive borders.
  • Preliminary CPI data crosses today at 8am local time / 0900BST, with market expecting prelim July CPI unchanged at 0.0%, and the Y/Y read slowing to 11.0% from 11.5%.

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