Weekly

Next couple of days will see a pause in the publication of domestic economic data. Only on Friday we will see the July balance of payments and the final data on August CPI inflation. (...) As usually, in the week following the MPC meeting, new interviews with MPC members can be expected, most of which will probably confirm their readiness to start a rate cuts cycle somewhere in 2025. (...) The ECB decision is scheduled on Thursday. Another interest rate cut by 25 bps is likely. (...) The Sejm’s Committee on Constitutional Responsibility has scheduled a meeting for 12 September to determine  the schedule of work on the motion to bring the President of NBP before the State Tribunal.

The main event of the next week will be the first decision-making meeting of the MPC after the summer holidays. The decision will be announced on Wednesday at an unknown time. No one expects a change in interest rates (neither do we), but the tone of the communiqué and in particular the tone of President Glapinski's conference (probably as usual on Thursday at 15:00 CET) will be followed with great attention. On Monday, we will get to see the August PMI for Polish manufacturing. Final PMI readings for manufacturing and services will also be released abroad. Final PMI readings for manufacturing and services will also be released abroad.