Today\u2019s comments from NBP President Adam Glapi\u0144ski were quite dovish. Despite the NBP revising its inflation projection upward and oil prices rising this week, the bar for monetary policy easing appears to be lower than the market had expected. A return to interest-rate cuts later this year cannot be ruled out, perhaps as soon as after the summer, provided that the external environment does not get in the way \u2014 in particular, further escalation in the Middle East. In response, the zloty weakened visibly: against the euro, it reached its lowest level since late 2024.<\/p>\n\n\n\n