POLAND: NBP's Wnorowski Says Rate Cut Possible in July or August

The NBP may decide to start a cycle of interest rate cuts in July or autumn of this year, depending on the bank's new inflation forecasts, policymaker Henryk Wnorowski told Reuters:

• "So I'm waiting for July. I think that in June we shouldn't expect any moves from the Council when it comes to interest rates. Therefore, in July the Council may decide to start a cycle of interest rate cuts" 
• "If the July projection shows that there are grounds for this, then perhaps there will be another cut... Considering the prospects of the summer holidays and the question marks about what the July projection will bring, autumn is as likely as July."
• He added that if there are grounds for further rate cuts, they will be standard steps of 25 basis points.
• "At the end of the year I see the main interest rate at the level of 'four point something'" 

Those comments are in-line with previous rhetoric. Earlier in May, Wnorowski said that 'July will be the first moment when we could return to further rate cuts' should the next macroeconomic projection show a 'good inflation path'.