The Monetary Policy Council (RPP) has maintained interest rates at the current level. The decision was in line with expectations. Tomorrow there will be a press conference by Adam Glapiński, which appears to be a more interesting event than the decision on interest rates itself.
The rhetoric of the RPP has remained constant so far and indicated a longer maintenance of restrictive monetary policy. It appears that the incoming data from the economy will continue to be interpreted in a similar way by the RPP (including inflation growth or double-digit wage growth).
An additional argument could also be the project of next year’s budget and the record deficit recorded in it. Such a narrative will likely be maintained until the end of the year in order to justify further decisions about keeping rates at the current level.
Currently, there are few clear indications to begin lowering interest rates. However, in our opinion, the above arguments may gradually lose strength and the space for the first reductions may appear as early as in the first quarter of 2025.
Bartosz Wałecki, Analyst at Michael / Ström Dom Maklerski
Source: https://managerplus.pl/rpp-utrzymuje-stopy-procentowe-a-uwaga-rynku-skupia-sie-na-jutrzejszej-konferencji-adama-glapinskiego-59016
