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Polish Yields Fall to Record on Call for Further Monetary Easing

Polish government bond yields plunged to record lows after a Monetary Policy Council member signaled the need for further rate cuts to bolster the economy and wages grew less than predicted by economists last month.

The yield on two-year bonds fell five basis points, or 0.05 percentage point, to a record 2.92 percent at 4:37 p.m. in Warsaw. The rate peaked at 3.56 percent on March 5. The zloty strengthened less than 0.1 percent to 4.1097 against the euro.

The rate council should cut borrowing costs by 50 basis points next month if March macroeconomic data is “weak”, policy maker Andrzej Bratkowski was cited as saying by Reuters today. Wages grew at an annual pace of 1.6 percent in March, falling short of a 2.5 percent median in a Bloomberg survey of economists, the statistics office said today.

“With the current sentiment toward easing, investors are listening to Bratkowski,” Bartlomiej Wit, Warsaw-based chief fixed income and interest rate derivatives dealer at ING Bank Slaski SA, said by phone today.

The statistics office will release March industrial output and producer price data at 2 p.m. in Warsaw tomorrow.

Poland’s central bank left interest rates unchanged last week and retained its “wait-and-see” stance after reductions by a total of 150 basis points between November and March sent the key reference rate to a record low of 3.25 percent.

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