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"Political Super Saturday" Ahead, Sovereign Credit Rating Reviews Eyed

POLAND
  • Poland's governing Law and Justice (PiS) party leader Jaroslaw Kaczynski told TVP Info that the date for the referendum on EU migrant relocation plan has not yet been chosen due to "some legal problems." He added that colleagues from the party's top brass were pushing for his return to Cabinet and he eventually agreed, as Poland is heading for "the most important election since [the first partially free election and collapse of communism in] 1989." The official spoke after assuming the post of Deputy Prime Minister earlier this week, while all four previous Deputy Prime Ministers stepped down. He clarified that he will focus on "broadly understood national security" and "political issues," including "purely electoral matters."
  • Poland is bracing for a politically busy Saturday, with all major parties set to hold campaign events. PiS's convention takes place in the Lower Silesian town of Bogatynia, which hosts the Turow Coal Mine, while the main opposition Civic Coalition holds a rally in the region's capital Wroclaw. The left holds an event devoted to women's rights, centrist Third Way meets in Grodzisk Mazowiecki, while far-right Confederation will discuss its manifesto in Warsaw.
  • NBP Deputy Governor Marta Kightley (not an MPC member) told parliament that consumer inflation will return to the +2.5% +/- 1pp target in the medium term, with inflation expectations improving notably. Meanwhile, Finance Minister Magdalena Rzeczkowska said that at the end of this year, inflation should be at single-digit levels, albeit closer to +10% Y/Y.
  • Fitch and S&P may review Poland's credit ratings after trading hours today. However, analysts do not expect any changes. Both agencies currently rate Poland at A- with a stable outlook.
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