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Morning Summary: NBP policymaker Ancyparowicz Sees 'Stable Rates' Until Feb 2022

POLAND
  • Covid daily new cases continue to drop with the 7D SMA falling from 15,000 to 9,100 in the 7 days. Today, Polish officials will present a detailed plan for reopening sectors such as restaurants and hotels.
  • After a period of uncertainty, Poland is set to ratify the European Union's pandemic stimulus plan as the threat of losing billions of euros of aid galvanizes support in parliament to stop a rift within the government from torpedoing the deal (BBG). Poland belongs the group of eight countries (along Hungary) that have not signed off the plan; any delay of rejection by just one of the 27 members would hold back the stimulus program.
  • NBP policymaker Grażyna Ancyparowicz recently mentioned in an interview that she sees 'stable rates' until the end of her MPC Term, which is in February 2022. She also expects inflation to come back within NBP target range of 1.5% - 3.5%.
  • Next preliminary CPI print will come out on April 30; policymakers have recently mentioned several times that inflationary pressures could continue to rise in the short term and that April CPI could reach 4% YoY in April.

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