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Majority of MPC Members Still Favor Low Rates For Longer

POLAND
  • This week was marked by the deceleration in Polish inflation, with the June Preliminary CPI print up 4.4% YoY (vs. 4.6% expected) and down from 4.7% from the previous month.
  • MPC members Gatnar and Zubelewicz mentioned that they were aiming for rate hikes in order to curb inflationary pressures.
  • At the same time, the uncertainty over the economic recovery remains elevated. Polish Health Minister Adam Niedzielski commented in Radio Plus that he sees risk of a 4th Covid Wave in late August, therefore wearing masks indoors will remain mandatory for longer.
  • Yesterday, manufacturing PMI rose more than expected to 59.4 (vs. 57.1 exp.), up from 57.2.
  • Next important event is the NBP policy meeting on July 8; NBP expected to keep benchmark rate steady at 0.1%.
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