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.
Executive Summary:
- Board seen sticking to "sufficient" 75bps tightening clip
- Multi-decade high Core CPI keeps NBP on tightening bias
- Glapinski to explain rationale on Thursday
Following May’s hike to 5.25%, NBP Governor Glapinski defended the bank’s actions, stating that a 75bps hike was a “sufficient signal” for markets, despite the tightening pace falling short of consensus expectations. The May decision has clearly fed into the market’s thinking this month, with the median forecast for a rate rise to 6.00% this month.
There remain outside expectations for a 100bps rate rise this month (and a minority looking for 50bps), which eye the sequence of strong core CPI readings feeding into inflation expectations as well as the incoming KPO post-pandemic spending package, which is seen amounting to close to PLN 45bln across the next two years.
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.