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MPC's Wnorowski Says Rates Could Be Lowered By Year-End

NBP

MPC's Henryk Wnorowski told Radio Maryja that a scenario in which interest rates would be cut already this year should not be ruled out, even as the path to achieving the inflation target remains rather long.

  • Wnorowski refused to speculate on the timing of the first rate cut. He emphasised that the current level of CPI inflation (+11.5% Y/Y) is "still very high" and "at this level, it is difficult to talk about rate cuts."
  • However, he expects headline inflation to decline below +10% Y/Y in August at the latest and believes that this trend will continue, which may convince the MPC to lower interest rates by the end of this year.
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