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POLAND: MPC's Wnorowski Says July Cut is Possible

POLAND
PolandCEEMEAEM BulletBulletEmerging Market News

“It’s possible that by July we will have found sufficient rationale in the Council for easing the restrictiveness of monetary policy,” Wnorowski told Bloomberg. “The key assessment will be whether we’ve beaten persistent inflation.” He added that "the reaction to Glapinski’s hawkish message over the past two months has been “hysterical,” as rate cuts may still be on the agenda if July’s projection shows price growth in check.

  • “My understanding is that the governor has reiterated that he will wait for incoming data and I accept this information, as I intend to do the same,” said Wnorowski. The concern is that the peak of inflation will occur in the second half this year after energy price caps expire, he said.
  • Wnorowski's comments largely reiterate those given in an interview to PAP earlier today. He stated that "the scenario of interest-rate cuts in 2025 is still realistic." In his view, it will "obviously not [happen] in Q1, but it seems that no one expects it," even as there may still be room to discuss easing in March.
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“It’s possible that by July we will have found sufficient rationale in the Council for easing the restrictiveness of monetary policy,” Wnorowski told Bloomberg. “The key assessment will be whether we’ve beaten persistent inflation.” He added that "the reaction to Glapinski’s hawkish message over the past two months has been “hysterical,” as rate cuts may still be on the agenda if July’s projection shows price growth in check.

  • “My understanding is that the governor has reiterated that he will wait for incoming data and I accept this information, as I intend to do the same,” said Wnorowski. The concern is that the peak of inflation will occur in the second half this year after energy price caps expire, he said.
  • Wnorowski's comments largely reiterate those given in an interview to PAP earlier today. He stated that "the scenario of interest-rate cuts in 2025 is still realistic." In his view, it will "obviously not [happen] in Q1, but it seems that no one expects it," even as there may still be room to discuss easing in March.