NBP's Kotecki says that rate cuts are not currently an option, but could consider rate hikes in November

Commentary of this kind from a Polish rate-setter fits a recurring pattern in central and eastern European policy: after extended holds, officials begin signalling that the next move could be up rather than down when domestic inflation persistence and fiscal looseness keep price pressure above target. Naming a specific meeting for a possible hike is more binding than generic hawkishness; in past episodes of this sort, single-meeting flags have tended to mark the early phase of a genuine shift in the committee's centre of gravity rather than idle tail rhetoric, particularly when the council's median had previously been leaning toward easing. The distinction worth drawing is between a hiking cycle and a one-off corrective move: a lone hike reprices the front end of the PLN curve once, whereas a sequence reprices the entire path and tends to carry the zloty more durably, a pattern seen in previous CEE tightening rounds where the initial move was followed by further hikes and sustained currency support via rate differentials against the euro. NBP council members in this position have historically split between inflation hawks and growth doves, so the follow-ons are whether other members echo the November framing, and whether upcoming inflation prints validate the case or allow the rhetoric to fade. As a signal it is directional rather than committed; the tell is whether the governor's subsequent commentary aligns or pushes back.