December FX interventions by the National Bank of Poland and a change of rhetoric by some MPC members made the market price a rate cut. Today was the first meeting of the Council held after the interventions. As we expected, no interest rates were changed. The press release issued after the meeting is very dovish and emphasises the importance of the weak zloty for rebuilding economic activity after the pandemic. The novelty is the sentence about the possibility of using interventions in the foreign exchange market to strengthen the impact of monetary easing on the economy. The decision is consistent with the latest ... (full story)