October 05, 2023 06:43 GMT
NBP Reduces Pace Of Rate Cuts To 25bp, Governor Glapinski To Hold Presser
- EUR/PLN keeps flirting with the government's preferred 4.40-4.60 range after easing into that band yesterday as the NBP "adjusted" interest rates lower by 25bp. The move was in line with the consensus call (and our bias) but came after a surprising 75bp rate cut delivered in September, which was backed by questionable logic and sowed confusion among sell-side analysts confused ahead of this week's decision. Governor Adam Glapinski will hold a press conference to discuss the condition of the economy and explain the latest rate decision at 14:00BST/15:00CEST.
- Deputy Finance Minister Artur Sobon scheduled a media briefing for after the announcement of the latest rate decision to discuss the outcome of the MPC meeting, but then cancelled it without providing any reason as the central bank reduced rates by a mere 25bp. Sources from the Finance Ministry told BusinessInsider that the Minister "has just asked to call off the press conference". Instead, Sobon wrote on his X handle that "there is a chance that inflation in Poland may ease below +7% Y/Y in coming months of 2023".
- The time of Monday's pre-election debate hosted by public TV has been brought forward to 17:30BST18:30CEST from 20:00BST/21:00CEST. Onet reports that the move will reduce the reach of the programme and means that it will be broadcast directly ahead of the evening news, where commentary will be in line with the ruling party's stance.