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NBP To Deliver Monetary Policy Decision

POLAND
  • The key risk for Polish assets today is provided by the NBP rate decision. There is no fixed time for the announcement of the decision or the release of the statement, but the central bank typically gives an advance notice. Most analysts expect a 25bp rate cut but the consensus call is far from unanimity, with some expecting a pause and others pencilling in another 75bp reduction. Multiple sell-side notes suggest that the MPC will weigh a significant drop in consumer inflation against concerns over potential PLN depreciation. Click here to see our preview of the decision including a summary of sell-side views.
  • The ruling Law and Justice (PiS) party has re-focused its election campaign on opposition leader Donald Tusk, seeking to mobilise its voters by pointing to the prospect of his return to power. This latest rhetoric sees the incumbents moving to the defensive as they seek to ensure sufficient turnout from their core constituency rather than sway undecided voters.
  • Supreme Audit Office chief Marian Banas said that the agency will launch investigations into the "cash-for-visa scandal" at the Foreign Ministry and into allegations that state-owned retailer may have tapped into strategic petrol reserves to keep a lid on market prices.
  • US President Joe Biden convened a conference call with allies and partners including Polish President Andrzej Duda to assuage concerns about support for Ukraine after $6bn in aid for Kyiv was dropped from a stopgap government funding bill.

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