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TD Sees a 75bps Hike, With Risks Skewed Towards A Larger Hike

POLAND
  • Markets have turned more hawkish following April CPI number.
  • The print surprised notably to the upside 12.3% y/y (consensus 11.4%), up from the prior of 11.0%.
  • As a result, TD thinks that the NBP will hike the base rate by at least 75bps, with risks skewed towards a larger hike.
  • The most likely outcome is either 75bp or 100bps hike, but TD sticks with its original call for 75bps.

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