The Polish National Bank extended its version of “forward guidance” today, stating that interest rates will be left on hold until the second half of next year. We think the existence of significant slack in the economy means inflation will remain subdued for several years, allowing the MPC to delay tightening policy beyond mid-2014. We continue to expect the first rate hike in 2015.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.