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NBP: MPC Could Start Discussing Cuts If March Projection Proves Optimistic

NBP
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NBP Governor Adam Glapinski says that the Monetary Policy Council could start debating "whether to start, when to start" cutting rates after the publication of the macroeconomic projection in March 2025, if the document shows inflation falling in subsequent quarters. He notes that initiating the debate would not guarantee an immediate interest-rate cut.

  • The Governor says that the Council has recently been voting almost unanimously, with the exception of Joanna Tyrowicz, who keeps calling for a 200bp rate hike. He pays lip service to regulations prohibiting him from disclosing the vote splits prematurely, saying that he cannot comment on yesterday's meeting - but indicates that there is firm consensus behind unchanged rates in the Council.
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NBP Governor Adam Glapinski says that the Monetary Policy Council could start debating "whether to start, when to start" cutting rates after the publication of the macroeconomic projection in March 2025, if the document shows inflation falling in subsequent quarters. He notes that initiating the debate would not guarantee an immediate interest-rate cut.

  • The Governor says that the Council has recently been voting almost unanimously, with the exception of Joanna Tyrowicz, who keeps calling for a 200bp rate hike. He pays lip service to regulations prohibiting him from disclosing the vote splits prematurely, saying that he cannot comment on yesterday's meeting - but indicates that there is firm consensus behind unchanged rates in the Council.