© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI: PBOC Net Injects CNY35 Bln Via OMOs Tuesday

CHINA PBOC INJECTS CNY37 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.0818 TUES VS 7.0575

Australia April Total Dwelling Approved -8.1%

MNI: AUSTRALIA APR BUILDING APPROVALS -8.1% M/M, -24.1% Y/Y

MNI: AUSTRALIA APR DWELLING APPROVALS -8.1% M/M

MNI BRIEF: Trudeau Blames NIMBYs For National Housing Squeeze

(RPT)MNI INTERVIEW: Fed Needs Better QE Guardrails-Fed Adviser

MNI: Canada Resilient To US Debt Ceiling Clash- Freeland

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

NBP's Litwiniuk Says Thinking About Autumn Cuts Would Be Inconsistent With Econ Projections

NBP
BulletEM BulletEmerging Markets NewsHomepage

NBP's Przemyslaw Litwiniuk told TOK FM radio station that thinking about cutting interest rates this autumn would be incompatible with the central bank's latest macroeconomic projections.

  • "The rate of price growth should notably decrease. This view is supported by economic data. Today the NBP will publish its March projection (...) which rests on one key assumption. This assumption is that interest rates will remain unchanged over the forecast horizon. (...) So thinking that the situation might be ripe for loosening monetary policy this autumn, especially by lowering interest rates, would be incompatible with the projections presented today.
  • "In earlier NBP communications we could find some signals of potentially loosening monetary policy in the autumn period. Distancing ourselves from this message is a very important information. (...) There are no grounds today for forecasting loosening monetary policy."
  • The NBP earlier this week left interest rates unchanged, while Governor Glapinski said that he personally hopes that rate cuts could be possible in Q4, even as he refused to take hikes off the table. Litwiniuk is one of the three hawkish dissenters on the MPC who have been calling for more monetary tightening.
187 words

To read the full story

Why Subscribe to

MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

NBP's Przemyslaw Litwiniuk told TOK FM radio station that thinking about cutting interest rates this autumn would be incompatible with the central bank's latest macroeconomic projections.

  • "The rate of price growth should notably decrease. This view is supported by economic data. Today the NBP will publish its March projection (...) which rests on one key assumption. This assumption is that interest rates will remain unchanged over the forecast horizon. (...) So thinking that the situation might be ripe for loosening monetary policy this autumn, especially by lowering interest rates, would be incompatible with the projections presented today.
  • "In earlier NBP communications we could find some signals of potentially loosening monetary policy in the autumn period. Distancing ourselves from this message is a very important information. (...) There are no grounds today for forecasting loosening monetary policy."
  • The NBP earlier this week left interest rates unchanged, while Governor Glapinski said that he personally hopes that rate cuts could be possible in Q4, even as he refused to take hikes off the table. Litwiniuk is one of the three hawkish dissenters on the MPC who have been calling for more monetary tightening.