Polish MPC dovish, but rate cuts don’t seem to be on the cards

Having left the policy interest rate on hold at 1.5% earlier today, the Polish MPC sounded relatively cautious about the downside risks to the inflation outlook. The Council doesn’t seem to be in the mood to lower interest rates – and the markets may have got ahead of themselves in pricing in a rate cut in the next six months – but monetary conditions will stay extremely loose.

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