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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
POLAND
- The discovery of the new variant ‘Omicron’ has increased the uncertainty over central banks’ policy outlook in the coming months as growth expectations are likely to be reviewed significantly to the downside.
- NBP is meeting next week, and the current environment puts Polish policymakers in a difficult position.
- On one hand, NBP should continue to hike rate ‘aggressively’ to curb the inflationary pressure as CPI inflation keeps diverging from the 3.5% NBP upper tolerance band (CPI came in at 7.7% in November).
- On the other hand, raising rates sharply when uncertainty is surging could lead to further deceleration in the economic activity and increases recession risks.
- The chart below shows how strongly the 2Y10Y traditional yield curve has led the industrial production (proxy for economic activity) by 6 months.
Source: Bloomberg/MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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