The National Bank of Poland left interest rates unchanged at 3.75% this lunchtime, as we expected. It was probably a close call and the market is still pricing in further significant hikes in the benchmark rate over the coming quarters. But Q4 GDP data released earlier this morning were not as encouraging as they seem at first sight. In fact, the economy is slowing on a quarter-on-quarter basis. Poland should still outperform its peers, but there is little need yet for an aggressive response from the National Bank.