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NBP Governor Glapinski Says Inflation Is Under Control

POLAND
  • NBP Governor Glapinski mentioned in a video conference today that he was not surprised by the jump in CPI inflation in April (+4.3%) and sees core and headline inflation gradually slowing down in the second half of this year.
  • Glapinski does not doubt that the NBP will act if needed if the inflation risk intensifies.
  • The NBP will also first end its QE program before starting to raise rates.
  • Glapinski confirmed that there will be no rate hikes until mid-2022.
  • Despite the sharp contraction in GDP in the first quarter, the MPC is not discussing interest rate cuts.
  • Glapinski does not see the need for FX interventions.
  • USDPLN continues to trend lower following the drop after the NFP release (the pair broke below its 3.77 support line today); next level to watch on the downside stands at 3.70.
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