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Policy Rate Should Be Raised More Than Market Expects (Glapinski)

POLAND
  • NBP Governor Glapinski said on Bloomberg News on Friday that Polish rates should rise more than what market expects, and wants to extend the tightening cycle to counter the inflationary pressure.
  • Following Glapinski comments at the latest press conference, the NBP should proceed with at least one 50bps hike in the coming meetings (very likely in February), which could bring the policy rate up to 2.75%.
  • It is also likely that the NBP will proceed with another 50bps hike at the March or April meeting depending on new inflation and economic data, which would levitate the policy rate up to March 2013 highs (3.25%).
  • This morning, Deputy Foreign Minister Marcin Przydacz said on radio that Any signals that the U.S. could boost its troops in central and eastern Europe are ‘good and welcome’ (BBG).
  • Economic data showed tis morning that retail sales came in lower than expected at 16.9% YoY in December (vs. 18.7%), down from 21.2% the previous month.
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