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BLOCK -- Adding to 5Y Puts as a Spd


EGB Supply For W/C Sep 20, 2021


Sees broader base buying, led by risk


BLOCK, Oct 5Y Puts

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  • Yesterday, NBP policymaker Eryk Lon wrote in an article that interest rate increases could be considered if the November projection shows that inflation would remain above the 3.5% upper tolerance band for an alarmingly long period.
  • We have previously seen that the majority of the board aims to keep interest rates low in order to stimulate the economic recovery as the uncertainty remains elevated.
  • On Monday, NBP policymaker Lukasz Hardt wrote that Polish inflation jump is not temporary and requires a 'monetary reaction'. MPC member Gra┼╝yna Ancyparowicz said that the earliest time for thinking about rate hike is October or November.
  • Governor Glapinski also mentioned in all of his recent speeches that interest rates in Poland should remain low while the economic recovery is taking place.
  • There are no important economic data coming out today.