MNI: GERMANY DEC PRODUCER PRICES -0.1% M/M, 0.8% Y/Y

MNI BRIEF: China Steel Industry To Control Capacity Further

MNI BRIEF: China, US To Strengthen Trade Dialogue - Official

MNI: China CFETS Yuan Index Down 0.05% In Week of Jan 17

MNI: PBOC Net Injects CNY98.2 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1886 Mon; -1.80% Y/Y

MNI: GERMANY DEC PRODUCER PRICES +0.8% Y/Y

JAPAN DATA: Japan November Machine Orders +3.4% M/M

MNI JAPAN NOV CORE MACHINE ORDERS +3.4% M/M; OCT +2.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

POLAND: NBP's Tyrowicz Says Rate Cut Debate In March Would Be Premature

POLAND
PolandCEEMEAEM BulletBulletEmerging Market News
  • NBP's Joanna Tyrowicz told Puls Biznesu that any discussion about cutting interest rates in March would be premature because it would still be before the release of wage data for 1Q2025. She said that technically the earliest moment for such a discussion would be May, after the release of the wage data in late April, but it is not necessarily the time when the debate should start in her opinion. The hawkish policymaker reiterated her view that the NBP kept rates too low in 2022 and then cut them too soon in 2023, which is why the return to monetary easing may take longer.
  • This comes after NBP Governor Adam Glapinski's rhetoric at his latest press conference on Friday turned even more hawkish than before. He said that the discussion on rate cuts should be delayed "for some time," listed a number of factors preventing immediate monetary easing and promised to scrap forward guidance altogether, noting that the central bank has been providing "too much information," which has been misreported "in bad faith."
  • President Andrzej Duda signed the 2025 state budget into law but sent parts of it for review to the Constitutional Tribunal.
  • The Finance Ministry will offer PLN3bn-6bn of 44-week T-bills at an auction today.
204 words

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.
  • NBP's Joanna Tyrowicz told Puls Biznesu that any discussion about cutting interest rates in March would be premature because it would still be before the release of wage data for 1Q2025. She said that technically the earliest moment for such a discussion would be May, after the release of the wage data in late April, but it is not necessarily the time when the debate should start in her opinion. The hawkish policymaker reiterated her view that the NBP kept rates too low in 2022 and then cut them too soon in 2023, which is why the return to monetary easing may take longer.
  • This comes after NBP Governor Adam Glapinski's rhetoric at his latest press conference on Friday turned even more hawkish than before. He said that the discussion on rate cuts should be delayed "for some time," listed a number of factors preventing immediate monetary easing and promised to scrap forward guidance altogether, noting that the central bank has been providing "too much information," which has been misreported "in bad faith."
  • President Andrzej Duda signed the 2025 state budget into law but sent parts of it for review to the Constitutional Tribunal.
  • The Finance Ministry will offer PLN3bn-6bn of 44-week T-bills at an auction today.