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NBP Decision Due Today

POLAND
  • Worth recalling the Polish central bank rate decision is due today, with no set time. Last month, the decision was released at 1505BST/1005ET.
  • The bank are expected to raise rates by 75bps to 6.00%. Comments from NBP members over the past month or so clearly argue that the bank are far from the peak of their tightening cycle, with inflation yet to show sufficient signs of cooling to dull the need for further hikes.
  • There remain outside expectations for a 100bps rate rise this month (and a minority looking for 50bps), which eye the sequence of strong core CPI readings feeding into inflation expectations as well as the incoming KPO post-pandemic spending package, which is seen amounting to close to PLN 45bln across the next two years. Inflation dynamics continue to point to an NBP that need to retain a solid tightening bias.
  • Full MNI NBP Preview here: https://marketnews.com/mni-nbp-preview-june-2022-s...

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