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NBP's Maslowska Would Back Rate Cut In Sep, Gov't Says Anti-Inflation Shield Could Be Extended

POLAND
  • MPC's Gabriela Maslowska told PAP news agency that she would vote for an interest-rate cut at next week's meeting if such a motion was tabled, adding that she doesn't want to speculate on the magnitude of a possible cut. She said that "it seems that nothing can stop the downtrend" in inflation, which together with weak growth abroad and weakening economic activity in Poland would justify a debate on lowering interest rates.
  • Finance Minister Magdalena Rzeczkowska wrote that the government may extend its anti-inflationary shield into 2024 if needed, even as the budget draft for next year does not account for such a possibility. She added that inflation is now falling "noticeably," with interest rates expected to drop as a result.
  • Onet circulated a sources piece pointing to a "deep crisis and fear" in the ranks of the ruling Law and Justice (PiS) party, with various factions reportedly fighting for better spots on election lists until the eleventh hour amid the conviction that the party will not be able to keep as many seats in parliament as it holds now.
  • Almost 60% of the supporters of the far-right Confederation don't want it to enter coalition with any mainstream party, according to a survey for Rzeczpospolita. Based on recent opinion polls, Confederation may become a kingmaker if the upcoming elections return a hung parliament.
  • Poland's August S&P Global Manufacturing PMI is expected to have improved to 43.9 in August from 43.5 prior. The data will cross the wires at 08:00BST/09:00CEST.
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  • MPC's Gabriela Maslowska told PAP news agency that she would vote for an interest-rate cut at next week's meeting if such a motion was tabled, adding that she doesn't want to speculate on the magnitude of a possible cut. She said that "it seems that nothing can stop the downtrend" in inflation, which together with weak growth abroad and weakening economic activity in Poland would justify a debate on lowering interest rates.
  • Finance Minister Magdalena Rzeczkowska wrote that the government may extend its anti-inflationary shield into 2024 if needed, even as the budget draft for next year does not account for such a possibility. She added that inflation is now falling "noticeably," with interest rates expected to drop as a result.
  • Onet circulated a sources piece pointing to a "deep crisis and fear" in the ranks of the ruling Law and Justice (PiS) party, with various factions reportedly fighting for better spots on election lists until the eleventh hour amid the conviction that the party will not be able to keep as many seats in parliament as it holds now.
  • Almost 60% of the supporters of the far-right Confederation don't want it to enter coalition with any mainstream party, according to a survey for Rzeczpospolita. Based on recent opinion polls, Confederation may become a kingmaker if the upcoming elections return a hung parliament.
  • Poland's August S&P Global Manufacturing PMI is expected to have improved to 43.9 in August from 43.5 prior. The data will cross the wires at 08:00BST/09:00CEST.