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NBP's Wnorowski Says Plan to Widen Budget Deficit Will Likely Delay Rate Cuts

POLAND
  • The new Polish government’s plan to widen next year’s budget deficit is likely to make inflation more sticky and delay interest-rate cuts, MPC member Henryk Wnorowski said in an interview to Bloomberg.
  • The new draft budget “is unfortunately looser fiscally and with a very high deficit,” Wnorowski said. “This is the main argument justifying a ‘higher for longer’ stance. Certainly, it’s not an argument for rate cuts in the near term.”
  • “The loosening of fiscal policy, which may strengthen the persistence of inflation, is naturally an argument for monetary tightening, and it surely delays monetary easing,” he said, adding that he doesn’t foresee any interest-rate increases in 2024.
  • Wnorowski's thoughts on rate cuts long known. He spoke back in late November to say: "There is a strong case for ‘higher for longer’ strategy for interest rates"
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