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Morning Summary: Supreme Court Seeks For More Opinions

POLAND
  • The 7D SMA of daily new Covid cases ticked slightly higher by 100 to 4,300 in the past day but remains very low relative to its early April levels (28,900 on April 1st).
  • Yesterday, Polish Supreme Court decided to seek opinions from other institutions including the NBP, financial market watchdog KNF and the financial ombudsman. According to spokesperson Aleksander Stepkowski, these institutions will have 30 days to take a position.
  • We have seen recently that some NBP policymakers have started to express their concern over inflation risks in Poland, expecting CPI inflation to average over 4% in 2021 (much higher than the NBP and sell-side forecasts).
  • Hence, growing concerns over rising inflationary pressures could increase disagreements over the trajectory of rates in the coming months, and has also been weighing on Polish bonds in the past few weeks.
  • Next data to watch is the Final April CPI print and Q1 GDP (expected to fall by 1.4% YoY), both coming out on May 14.
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