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NBP's Dabrowski Sees Rates Stable Until End-Sep, Unemployment Data On Tap

POLAND
  • Local news flow over the weekend was dominated by reports on the Wagner Group's rebellion in Russia, which overshadowed a suite of campaign events amounting to the so-called "Super Saturday" - all of which failed to offer much to write home about. Emerging from the meeting of the National Security Council, President Andrzej Duda said that the events do not affect Poland's security, while the authorities are monitoring latest developments and treat them as Russia's internal affair.
  • NBP's Ireneusz Dabrowski told Business Insider that if the Monetary Policy Council were to consider cutting interest rates, it would likely happen in October. However, if consumer inflation eases by another 5pp and well into single digits during the summer months, discussing a rate cut already in September cannot be ruled out. The policymaker said that he could not authoritatively say if rate cuts will actually materialise, but "maybe the Council at least considers them and holds a discussion." According to Dabrowski, we should see a recovery in economic activity in 3Q2023 and full-year GDP growth should be positive.
  • Poland's unemployment rate may have ticked lower to 5.1% in May from 5.2% prior, according to a Bloomberg poll of economists. The data will cross the wires at 09:00BST/10:00CEST. Looking further afield, flash June CPI readings, due Friday, headline this week's docket.
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