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NBP Sura Calls For More Hikes

POLAND
  • Last week, we saw that the NBP surprised the market (again) by raising its policy rate by 75bps to 1.25% to curb the inflationary pressures that are expected to remain elevated until January 2022.
  • The policy rate now stands 25bps below its pre-Covid levels (1.5%), and odds for further hikes in the coming meetings have been rising.
  • Yesterday, NBP member Jerzy Zyzynski mentioned in an interview that the rise in inflationary pressures may bring the policy rate above 1.50% in 2022.
  • This morning, NBP member Rafal Sura said that NBP may need to rise its policy rate above 1.5% to combat inflation.
  • Glapinski also mentioned in the press conference that a hike was more likely than not.
  • Hence, it is likely that the NBP will continue its tightening cycle at the next meeting; the magnitude of the hike will strongly depend on November CPI print (coming out on Nov 30).
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