National Bank of Poland
Watching Cracks in the Ceasefire and Rising Inflation While Awaiting Some Key U.S. Economic Data
April 9, 2026
The U.S./Iranian ceasefire got off to a very shaky start. Amazingly, Israel’s bombardment of Lebanon was left out of the deal at least if the American narrative is to be believed. Iran is recounting a different story and frankly a more credible rendition of what was agreed. Not only did Israel’s assault of southern Lebanon […] More
Another Polish Interest Rate Cut
March 5, 2026
The National Bank of Poland lowered their policy reference interest rate to a 4-year low of 3.75% from 4.00% yesterday in what had been an expected decision in spite of the elevation of geopolitical uncertainties this month. The new level is 300 basis points below the peak of 6.75% between September 2022 and July of […] More
Many Purchasing Manager Surveys, Euroland CPI and PPI Reports and a Trio of Interest Rate Decisions
February 4, 2026
Gold and silver prices remain strongly bid this Wednesday following sharp rebounds yesterday. Ahead of this weekend’s snap lower house elections,the yen traded 0.2% lower overnight, bringing is relapse since Friday to 2.4% against the dollar. Prime Minister Takaichi’s Liberal Democratic Party appears likely to increase its parliamentary seat total, which would facilitate the pursuit […] More
Markets Spooked By a Looming U.S. Supreme Court Ruling on the Legality of 2025 Tariff Hikes
January 14, 2026
The Supreme Court will be revealing its decisions on several cases at 10:00 EST today, and it’s possible that the decision on Trump’s large and widespread tariff hikes may be included in this batch. Those tariffs hold a foundational role in the whole economic and foreign policies of the second Trump presidency. A ruling striking […] More
Dollar and Tech Stocks Stagger
December 3, 2025
Around mid-day in NY, the dollar is showing losses from Tuesday closing levels of 0.9% against sterling, 0.6% relative to the kiwi, 0.4% vis-a-vis the yen and Aussie dollar, 0.3% versus the euro and Swiss franc, and 0.2% against Canada’s currency. The DXY weighted dollar measure is off 0.5%, and the euro is around its […] More
Central Bank Rate Decisions in Poland, Sweden and Georgia
November 5, 2025
The National Bank of Poland’s policy interest rate experienced its fifth 25-basis point cut of 2025 today and has now dropped altogether since September 2023 by a total of 250 basis points. Polish CPI inflation of 2.8% in October was down from 5.0% a year earlier and a peak of 18.4% in February 2023. A […] More
National Bank of Poland’s Interest Rate Sliced 25 Basis Points to 4.75%
September 3, 2025
Poland’s three central bank interest rate reductions since May total 100 basis points. A single percentage point of easing also was done at consecutive policy reviews in September and October of 2023, and the new 4.75% policy rate level is its lowest since May 2022 and compares to a 6.75% peak that was maintained for […] More
Surprise Interest Rate Cut at the National Bank of Poland
July 2, 2025
When Poland’s interest rate was cut two months ago by a half percentage point, that was the first change since a pair of cuts in September and October of 2023. The length of that pause, the lack of a rate change in June, and the fact that CPI inflation had ticked up marginally in June […] More
Attention to What Central Banks Are Doing with Interest Rates
June 5, 2025
The European Central Bank is widely expected to cut its interest rate for the eighth time in the past year. An anticipated 25-basis point reduction of the deposit rate to 2.0% would bring the cumulative drop to 250 basis points from peak. President Trump has been haranguing Federal Reserve Chairman Powell for not cutting interest […] More
Polish and Czech Central Bank Rate Cuts
May 7, 2025
Officials at the Czech National Bank cut their two-week repo rate by 25 basis points to 3.50%, its lowest level since December 2021 and down from a cycle peak of 7.0% maintained for a full year prior to an initial cut in December 2023. One of the seven voters behind this decision preferred to leave […] More
