MNI BRIEF: Inflation Risks Now Shifted To Downside-BOE Ramsden

MNI: Goolsbee Says Stalled Inflation Means Wait Before Moving

MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NBP To Remain Accommodative Despite Rising Inflationary Pressures

POLAND
  • This morning, MPC member Rafal Sura said that it is still too early to hike Polish interest rates in July as uncertainty about the economic recovery remains elevated. Most significant forecasting tool will be November's projections of growth and inflation; if the report shows that inflation will continue to exceed NBP upper tolerance band of 3.5% in 2022 and 2023 mainly cause by demand-side factors (which can by influence by MPC board decision), then Sura will advocate for tighter monetary policy.
  • Yesteday, MPC member Cezary Kochalski said in a interview that he sees annual inflation slightly higher than 4% in 2021 and around 4.5% in the coming quarter. Raising rates too soon may weigh on the economic recovery, as uncertainty remains elevated. Curbing QE will be first step in "normalizing" monetary policy once that time comes.
  • With Core CPI rising to 4% in May and Final CPI print coming in at 4.7%, both key measures of inflation are now standing significantly higher than the 3.5% NBP upper tolerance band.
  • The MP divergence between Poland and Hungary / Czech could start to weigh on the PLN relative to the HUF and CZK in the medium term.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

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.