ING’s Frantisek Taborsky reports that the National Bank of Poland cut rates by 25bps to 3.75% despite global volatility, with forecasts showing inflation near target by 2028 and solid growth.
ING’s Frantisek Taborsky reports that NBP Governor Glapinski and council member Litwiniuk signalled inflation near the 2.5% target and room for further easing, with rates potentially falling to 3.50%. Markets, however, price a lower 3.25% terminal rate.
Commerzbank’s Tatha Ghose notes Polish forwards have scaled back expected easing to under 25 bps over 3–6 months, even as dovish inflation data and MPC rhetoric point to a March cut.