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NBP: Governor Flags Potential For Easing Cycle, Confirms Dovish Pivot

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Governor Adam Glapinski starts a Q&A session, noting that a benign inflation projection in March could potentially trigger a debate on a rate-cut cycle rather than just a single cut. This represents a dovish shift in his rhetoric - previously he insisted that the initial 25bp adjustment would not automatically entail an easing cycle.

  • The Governor confirms his own dovish pivot since the September meeting, noting that it has been inspired by macroeconomic data. He also says that he sees a clear sentiment in most MPC members, who are looking forward to the moment when the "hydra of inflation" is defeated and they can finally start lowering interest rates.
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Governor Adam Glapinski starts a Q&A session, noting that a benign inflation projection in March could potentially trigger a debate on a rate-cut cycle rather than just a single cut. This represents a dovish shift in his rhetoric - previously he insisted that the initial 25bp adjustment would not automatically entail an easing cycle.

  • The Governor confirms his own dovish pivot since the September meeting, noting that it has been inspired by macroeconomic data. He also says that he sees a clear sentiment in most MPC members, who are looking forward to the moment when the "hydra of inflation" is defeated and they can finally start lowering interest rates.