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2026-07-15 20:14:12
[Hawkward Proposal Fails to Win in Poland; Interest Rates Remain Unchanged as Market Awaits New Inflation Signals] ⑴ The Polish central bank announced on Wednesday that Joanna Tyrowicz, a member of the Monetary Policy Committee, submitted a proposal to raise interest rates by 100 basis points at the June meeting, but it failed to gain the support of other committee members. ⑵ The committee kept the benchmark interest rate unchanged at 3.75% for the third consecutive month, a result in line with market expectations and indicating that most policymakers are satisfied with the current policy stance. ⑶ Although Tyrowicz's proposal to raise rates was rejected, it still reflects internal disagreements on the inflation outlook. The market will now focus on whether the country's inflation performance will prompt more committee members to adjust their stance. ⑷ The market will next assess whether the interest rate path will truly remain stable in the long term, or whether this dissenting vote has only temporarily suppressed calls for a rate hike. The data developments in the coming months will be a key variable.
