Little room for rate cuts – rate setter
January 23, 2013
Poland's Monetary Policy Council member Jan Winiecki sees little room for rate cuts, and considers weak Q4 2012 data unsurprising, Winiecki told broadcaster TVN CNBC.
At its latest sitting in January, Poland's Monetary Policy Council offered its third consecutive 25 bps cut to official interest rates and tweaked its bias, triggering strong suspicions that the easing cycle might go on hold for a while.
The recent weak macroeconomic data seem to have little impact on the rate setter, a hawk by voting record, as they were unsurprising.
"I expected economic trough to be hit in Q4 last year and in Q1 this year," Winiecki said.
According to the rate setter, Q1 2013 economic results are unlikely to be better than those in Q4 2012, but they shouldn't be "much worse," Winiecki said.