Local Sell-Side Desks React To NBP Statement & Projections

Local research desks have published their initial assessments of the NBP's monetary policy statement and updated economic projection via their Twitter handles:

• mBank analysts say that "the MPC's message is basically unchanged. There is no official end to the [rate-hike] cycle. The difference in the macroeconomic projections is marginal. There is nothing to discuss."
• Pekao note that "the MPC did not change interest rates at the March meeting and it was not supposed to do that. We are effectively in a wait-and-see mode and the next move will happen at the end of the year at the earliest. It will be a cut." They add that "the new NBP projection does not change practically anything in the Council's assessment of the world. Revisions to inflation (downward) and growth (upward) forecasts for this year are in line with what consensus did earlier."
• The research desk of PKO BP writes that "we have the new NBP projections which include the first downward revision to the inflation path since 2020. (...) There is a touch more optimism in the NBP's GDP projections, despite much weaker than assumed in the November forecast outturn for consumption at the end of 2022 (likely because of stronger investment and global demand). The key question remains how core inflation evolves (...)."