MNI BRIEF: PBOC Increases Gold Reserves

MNI BRIEF: Japan Q3 GDP Revised Up On Net Exports, Capex

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

MNI China Daily Summary: Friday, December 6

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

POLAND: NBP's Wnorowski, Janczyk Discuss Outlook For Interest-Rate Cuts

POLAND
PolandCEEMEAEM BulletBulletGlobalEmerging Market NewsRegion
  • MPC's Henryk Wnorowski told ISBnews that the pace of GDP growth this year is "ideal" and strikes the fine balance between promoting economic development and keeping inflationary pressure in check. Wnorowski said that the room to cut rates will open in April 2025, once inflation is past its peak. A discussion on cuts may be possible slightly earlier. In his view, the initial cut will likely be of the standard 25bp size, but the MPC could follow up with a 50bp reduction if the economy improves faster than expected. He noted that most of his colleagues place much emphasis on the March inflation projection, overlooking the fact that there will be one in November as well, but he was privately hoping that "positive news would come earlier."
  • Another MPC member Wieslaw Janczyk said that if the March projection "confirms the current assumptions of a sustained disinflation trend in the second and third quarters of 2025, the path to cutting will be open." Janczyk told Bloomberg that once monetary easing commences, the NBP will likely deliver 100bp worth of cuts next year, but he refused to predict the magnitude of the first cut.
  • Business tycoon Zygmunt Solorz continued to purge the executive bodies of his companies of his children, triggering the ouster of his son Tobias Solorz from the supervisory board of Cyfrowy Polsat. Solorz senior's feud with his children in rather mysterious circumstances coupled with reports of his ill health weighed on the stocks of companies from his business empire.
  • The Finance Ministry will offer PLN6bn-10bn of OK0127, PS0729, WZ0330, DS0432, DS1034 and IZ0836 bonds at an auction today, narrowing the offer from the initial size of PLN5bn-10bn.
  • The Left's Wlodzimierz Czarzasty said that parliament will vote on the 2025 budget on December 6.
290 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.
  • MPC's Henryk Wnorowski told ISBnews that the pace of GDP growth this year is "ideal" and strikes the fine balance between promoting economic development and keeping inflationary pressure in check. Wnorowski said that the room to cut rates will open in April 2025, once inflation is past its peak. A discussion on cuts may be possible slightly earlier. In his view, the initial cut will likely be of the standard 25bp size, but the MPC could follow up with a 50bp reduction if the economy improves faster than expected. He noted that most of his colleagues place much emphasis on the March inflation projection, overlooking the fact that there will be one in November as well, but he was privately hoping that "positive news would come earlier."
  • Another MPC member Wieslaw Janczyk said that if the March projection "confirms the current assumptions of a sustained disinflation trend in the second and third quarters of 2025, the path to cutting will be open." Janczyk told Bloomberg that once monetary easing commences, the NBP will likely deliver 100bp worth of cuts next year, but he refused to predict the magnitude of the first cut.
  • Business tycoon Zygmunt Solorz continued to purge the executive bodies of his companies of his children, triggering the ouster of his son Tobias Solorz from the supervisory board of Cyfrowy Polsat. Solorz senior's feud with his children in rather mysterious circumstances coupled with reports of his ill health weighed on the stocks of companies from his business empire.
  • The Finance Ministry will offer PLN6bn-10bn of OK0127, PS0729, WZ0330, DS0432, DS1034 and IZ0836 bonds at an auction today, narrowing the offer from the initial size of PLN5bn-10bn.
  • The Left's Wlodzimierz Czarzasty said that parliament will vote on the 2025 budget on December 6.