NBP slows tightening, but steps up hawkish rhetoric

The National Bank of Poland’s decision to slow the pace of its tightening cycle with a 50bp interest rate hike (to 1.75%) seems a bit inconsistent with its more hawkish tone on inflation in the accompanying press statement. Even so, we think the backdrop of a prolonged period of above-target inflation will prompt the central bank to deliver a further 125bp of hikes, to 3.00%, in this cycle.

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