Research Briefing
| Nov 4, 2021
Poland | NBP reaffirms its hawkish turn
The National Bank of Poland (NBP) hiked its policy rate by 75bps to 1.25% at yesterday’s meeting. Although some tightening was expected, the magnitude surprised both us and consensus.
What you will learn:
- The decision came against the backdrop of another upside surprise in inflation, which accelerated to a twenty year high of 6.8% in October, up 0.9ppts from September.
- Although interest rate hikes will do little to ease near-term inflationary pressures, the NBP, after staying put for too long and failing to communicate its plans to the markets, seems to be pursuing a more aggressive tightening path.
- With NBP’s communication still extremely vague, the pace of next hikes is uncertain.
Tags:
Related Services
Post
What AI means for economies, businesses, jobs & cities
Artificial Intelligence has the potential to fix the world's productivity problems, just as previous general purpose technologies such as steam power, electricity, and computers have, in our view.
Find Out More
Post
Australia: Flight to quality occurring but secondary markets may not be doomed
We believe the most significant policy measures to come through in the budget for residential building are the announced tax tweaks for build-to-rent (BTR) development.
Find Out More