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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.
POLAND
- The National Bank of Poland is expected to keep its policy rate on hold at 0.1% despite the positive surprise in inflation in August.
- NBP Governor Glapinski reiterated that tightening monetary policy would be 'risky' given the elevated uncertainty over the economic recovery. However, the central bank is not ignoring the fast acceleration in inflation and will not let it become permanent, implying that the September and October inflation print will be key for the policy outlook.
- Forward rates have been rising in the past week following the positive surprise in inflation (in August) before consolidating by 10bps yesterday; FRA 5Mx8M is currently trading at nearly 50bps above the Wibor 3M, implying that policymakers would hike twice by February 2022 (see chart)
- Odds for a November rate hike have been rising, which could be the start of a gradual tightening.
Source: Bloomberg/MNI
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.
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