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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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  • MPC member Kochalski mentioned in an interview earlier that NBP may consider a 50bps hike in February. He added also that CPI inflation should not reach double digits this year.
  • Following Governor Glapinski comments at the latest press conference, the NBP should proceed with at least one 50bps hike in the coming meetings (very likely in February), which could bring the policy rate up to 2.75%.
  • It is also likely that the NBP will proceed with another 50bps hike at the March or April meeting depending on new inflation and economic data, which would levitate the policy rate up to March 2013 highs (3.25%).
  • Yesterday, President Duda expressed support for Ukraine and is opposing any 'aggressive behavior' from Russia.
  • This morning, PPI inflation and average gross wages are coming out (9M London time).
MNI London Bureau | +44 203-865-3850 |
MNI London Bureau | +44 203-865-3850 |

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