The 25bp cut by the National Bank of Poland (NBP) this week caught many – but not us – off guard, and we think that two further interest rate cuts lie in store over the rest of this year. Meanwhile, the recent decline in risk premium in Israel’s financial markets could encourage a dovish shift in communications by the Bank of Israel (BoI) at its meeting next week, although we doubt it will be ready to cut interest rates quite yet.
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