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MPC Members See Greater Risk of Economic Slowdown

POLAND
  • On Friday, NBP minutes (from March meeting) showed that some NBP members saw risk of a deeper slowdown than previously expected.
  • As previously mentioned, the sharp inversion of the 2Y10Y yield curve has been pricing in a significant deceleration in the economic activity (chart below).
  • Future MPC decisions will depend on economic data and Russia/Ukraine conflict.
  • With the FRA 6Mx9M currently trading at 157bps above the Wibor 3M, market is currently pricing in a terminal rate at 6%.

Source: Bloomberg/MNI

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