NBP Governor Glapinksi says further easing could be before March, but also could be after; any cut will be 25bps

• Doesn't rule out February rate cut, but do not confirm it either.
• Sees terminal level around 3.5%.
• There are MPC members who see terminal level lower than 3.5%.

Governor Glapinski's comments suggest a more cautious approach to future rate cuts, positioning potential easing within a range of timing that creates uncertainty. The mention of a 25bps cut and varying opinions among MPC members about the terminal rate imply that market participants should remain vigilant about shifting monetary policy dynamics, especially given the implications for the Zloty and local equities. This balance of potential easing could weigh on investor sentiment as they assess the broader impact on economic stability and inflation expectations.