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NBP Hawk Litwiniuk Sticks With His Call For 25bp Rate Hike

NBP

NBP's Przemyslaw Litwiniuk reiterated his call for an interest-rate hike, even as he conceded that inflation has likely already peaked. The MPC member gives an interview to Gazeta.pl as we type.

  • The official noted that he would prefer to see the benchmark interest rate increased to 7.00% from the current 6.75% to better fight inflation. At the same time, Litwiniuk admitted that we have likely already reached the peak of inflation.
  • Litwiniuk is a hawkish dissenter in the rate-setting panel. At the January meeting, he was the only policymaker to vote for a 25bp hike, which was rejected alongside motions for a 50bp hike (backed by Tyrowicz & Kotecki) and 100bp hike (Tyrowicz).
  • The argument made by the hawkish NBP minority in their recent comments is that without tighter monetary conditions headline inflation might settle at elevated levels as core inflation remains sticky.
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