Poland: NBP likely to keep rates on hold today - TDS

According to analysts at TD Securities, there is little doubt that in the Poland, the NBP will keep its policy rate on hold today at 1.5%, where it has been since March 2015.

Key Quotes

“The press statement and conference might be more interesting. Glapinski, who tends to lean in a dovish direction, will probably still maintain that rates will remain on hold this year and probably all next year. While a dovish ECB and Fed lend support to this view, the impact of the government's fiscal package on inflation remains a concern.”

“And March headline CPI inflation moved up to 1.7% Y/Y from a prior 1.2%, albeit remaining well below the 2.5% target. We maintain our view that the NBP will start gradually hiking from early 2019.”