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Yield Rally Persists, 10y at New Cycle High

POLAND
  • The run higher in the Polish yield curve persists, with new highs in the 10y yield at 8.948% this morning. That's a ~35bps rise in the longer-end, bear-steepening the curve in the process.
  • Moves follow disappointing retail sales, construction output data today but come as part of broader weakness for Polish bonds amid growing evidence of disharmony among the NBP board and concern over Poland's fiscal path.
  • This was reflected in the interview with Morawiecki this morning, in which the PM flagged his concern over debt servicing costs, but showed little sign of any change in spend/tax policy over the short-term.

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