Free Trial

US CPI and Macklem In Focus


Larger FX Option Pipeline


Germany’s Chemical Industry At Risk Of Gas Rationing


Winter Supply Fears Ease but Tight Summer Could Follow


Test yesterday's high


Post-LIBOR Settle Update: Calendar Spd Inversions Deepen

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
  • Lower house of Polish parliament passed an overhaul of the tax-system, a key part of the government's larger plan to help the European Union's largest eastern economy emerge from the Covid crisis. The bill was voted on Friday and sent to the Senate for approval (BBG).
  • Last week, economic data showed that inflationary pressures continue to increase in Poland with September CPI inflation coming in higher than expected at 5.8% (vs. 5.5% exp.), up from 5.5% the previous month.
  • It seems most likely that the NBP is going to raise rates earlier than expected; market is pricing in a first move at the November meeting as inflation forecasts are going to be reviewed to the upside.
  • At this stage, there are three policymakers (Hardt, Gatnar and Zubelewicz) voting for an 'imminent' rate hike as they mentioned several times that inflation is now demand-driven in Poland and a gradual tightening could ease the inflationary pressures.
  • The NBP is expected to leave its policy rate steady at 0.1% on Wednesday, but then could start a tightening cycle in its November meeting with a first 15bps hike.
  • With the FRA 3Mx6M currently trading at 42bps above the Wibor 3M, the market is currently pricing in two to three 15bps by January.

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.