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:
- The NBP disappointed the market at its meeting yesterday and hiked its policy rate by 75bps to 5.25% (vs. 100bps analysts’ expectations) despite the strong ‘positive’ surprise in inflation in April.
- he Ukraine war shock combined with the global supply chain disruptions should continue to support inflationary pressures in the near term and inflation is expected to start to slow down only in early 2023.
- Glapinski will hold press conference today (May 6) at 3pm CET.
Link to full publication:
MNI Poland CB Review May 5.pdf
The NBP disappointed the market at its meeting yesterday and hiked its policy rate by 75bps to 5.25% (vs. 100bps analysts’ expectations) despite the strong ‘positive’ surprise in inflation in April. The policy rate is now standing at its highest level since November 2008 following the hike (left chart). Glapinski will hold press conference today (May 6) at 3pm CET.
Inflation accelerated to 12.4% in April (vs. 11.4% exp.), mostly driven by the surge in energy and food prices. The Ukraine war shock combined with the global supply chain disruptions should continue to support inflationary pressures in the near term and inflation is expected to start to slow down only in early 2023.
The NBP reiterates in its statement that future decisions on rate hikes will depend on Ukraine situation and economic data (inflation). The central bank will act to ensure price stability and may also intervene in the FX market if needed.
Source: Bloomberg/MNI
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.