Poland's Monetary Policy Council confirmed the bulk of its long-running policy bias, claiming current rates could hold over the coming months as inflation risks are few and global growth uncertainties ever-present, minutes from the April sitting showed.
The council is feeling good on Polish growth, indicating that "GDP growth in 2019 might be higher than indicated in the March projection." An unspecified minority likes macro prints YTD.
Uncertainties over the ongoing global slowdown remain a risk: "the major source of risk for the performance of the Polish economy was the scale and duration of the slowdown in its main trading partners," minutes said of an apparently consensus view.
Elsewhere on growth, the council appears split. Unspecified minorities are alternatively pointing to Q1 outperformance, risks from weak corporate sentiment, unknowns from the global slowdown and satisfaction with export resilience.
Polish plans for fiscal stimulus were nearly overlooked by the council in April, showing up only as one argument in a minority view on a positive outlook for consumption.
On inflation, the council admitted that risks to a lasting overshoot of target are few to nil, but is ready to argue on the minutiae of outlook, with some finding cause to haggle over PPI, future electricity prices, shifts in price expectations or the impact from the jobs market.
At the April sitting, Poland's MPC had rubber stamped yet another month of stable interest rates, ensuring a record low reference rate of 1.50% will have lasted four years and two months.