National Bank of Poland
Strengthening Case for Tighter Monetary Policies
June 2, 2026
This has been another day without the cause of peace being enhanced. Traffic through the Strait of Hormuz remains mostly non-existent. Russia has escalated military bombardments of Ukraine. It remains unclear whether Israel will heed calls for it to deescalate its war in Lebanon. There has been a direct link between the geopolitical strife in […] More
A Buoyed Appetite for Risk in World Financial Markets
May 6, 2026
President Trump paused the confrontational program of militarily escorting ships through the Strait of Hormuz in opposition to the Iranian-imposed blockade. He claimed progress toward a peace deal from revised details that Iran reportedly offered. The U.S. blockade will continue until a deal is finalized. Once trade is again going through the Strait without military […] More
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
