The National Bank of Poland cut its policy rate by 25bp again today, to 4.00%, and the softness in the latest inflation and wage data suggests to us that a bit more monetary easing will be delivered next year. We will firm up our forecast after the post-meeting communications, but we now think it looks a bit more likely that there will be two more 25bp cuts in the easing cycle and for the policy rate to end next year at 3.50% (previously 4.00%).
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