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Wnorowski Reiterates Hawkish Leanings on Inflation

POLAND
  • Bloomberg cites NBP MPC member Wnorowski as stating that Polish August CPI above 10% could rule out a September rate cut.
  • Not the first time we've heard relatively hawkish comments from Wnorowski with respect to inflation - earlier in July he'd said "Inflation that is just symbolically below 10% won't be a sufficient reason for a rate cut".
  • These comments follow the softer-than-expected CPI earlier this week, which has prompted most sell-side to see a risk of CPI dipping below 10% in August (therefore fulfilling the 'single digits' pledge) - and most see the risk of a rate cut in September as having increased this week.

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