NBP's Janczyk says they may keep rates unchanged in December

NBP's Janczyk says they may keep rates unchanged in December.

Single-member guidance of this kind from a council that has been in an easing posture tends to function as an attempt to steer expectations ahead of the meeting rather than as a firm commitment, and the qualifier 'may' leaves the cut live. Historically, when one member of a smaller CEE council floats a pause, the key question has been whether it prefigures the board's centre of gravity or reflects a known hawkish outlier, since NBP decisions are collegial and the governor's stance has typically carried the outcome. The distinction worth drawing is between skipping a meeting and ending the cycle: a December hold reprices timing at the front of the PLN curve and the OIS strip, while signalling the easing cycle is done would reprice the level of expected terminal rates and support the currency more durably. The follow-ons that matter are whether other MPC members echo the pause framing and how the comment sits against the latest inflation projection, which has been the NBP's stated anchor. As commentary rather than a decision, the signal is directional.