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Tatha Ghose at Commerzbank notes that National Bank of Poland (NBP) Governor Adam Glapinski struck a hawkish note at the central bank’s latest post-meeting press conference, but in practice signaled continued inaction. According to Ghose, Glapinski effectively indicated that no rate increase is on the table until at least the first quarter, explicitly taking a December move off the agenda. “Poland’s National Bank (NBP) held its monthly post-meeting press conference yesterday, at which governor Adam Glapinski portrayed the MPC as hawkish, but his practical signal was still one of inaction.
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