WOOD Flash – Poland macro: NBP delivers strong hike as inflation worsens
At its meeting yesterday (8 March), the MPC at the NBP decided to increase rates by 75bps, vs. our expectation of 50bps, raising the reference rate to 3.50%. The tone of the statement was much more cautious than before, as a key reference was removed, which was directed at exploring the extent of total tightening; however, at the same time, there were no explicit signals, at this point, to suggest that the tightening cycle will be interrupted in any way. We retain our view that the policy rate will reach 4.50% in the coming months as worsening inflation prints will provide no justification for stopping the tightening cycle, unless there is a visible softening in the data.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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