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Parliament Resumes Session, Selects Members Of Investigative Committee

POLAND
  • Parliament continues its session in the wake of yesterday's ultimately anticlimactic turmoil around the two Law and Justice (PiS) officials released from prison, who vowed to come to the Sejm and attempt to resume work, despite losing their MP statuses. The lower house will elect members of an investigating committee probing the illegal use of Pegasus spyware against then-opposition politicians by the previous PiS administration.
  • Millennium Bank toned down their rate-cut expectations, with their Chief Economist Grzegorz Maliszewski noting that the NBP may reduce rates by 50-75bp this year rather than by 100bp pencilleld in earlier. Analysts have been gradually reviewing their NBP calls amid the central bank's apparent hawkish pivot, while the 12x15 FRA vs. 3-Month WIBOR spread has been compressing since mid-December.
  • The Finance Ministry narrowed its bond offer (OK0426, WS0429, WZ1129, DS1033 and DS0432) for the January 29 auction to PLN5bn-7bn from PLN4bn-8bn.

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