Free Trial

NBP Seen Returning to Tightening Cycle

POLAND

Executive Summary:

  • Expected to raise rates by 25bps to 7.00%
  • Persistent upward pressure on both core and non-core components of inflation are likely to have tilted the balance
  • Sell-side analysts split between a 25bp hike and no change

Full preview including summary of sell-side views here:

NBPPreviewNov22.pdf


The National Bank of Poland are expected to hike rates 25bps to 7.00% at their November decision. Persistent upward pressure on both core and non-core components of inflation are likely to have tilted the balance despite a number of board members seeing the tightening cycle in the rear view mirror.


The outcome of the November decision will be largely dependent on the new NBP macroeconomic forecasts. Should this indicate a higher CPI projection, the dovish majority will find it difficult to resist calls from the hawks of a hike of at least 25bps.

To read the full story

Close

Why 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.