Polish Central Bank's Zarzecki says there's minimal room for Polish rate changes until end-2026

Guidance that explicitly forecloses moves over a defined horizon is a stronger form of forward commitment than the usual data-dependent language, and the historical read on such statements is that they compress rate volatility at the front end while leaving the statement itself hostage to the next inflation prints; the Polish cycle in recent years has been marked by exactly this pattern, with official signalling repeatedly tested by sticky price dynamics and by the fiscal stance ahead of elections, which has tended to widen the gap between rhetoric and eventual action. The question that matters is whether the view reflects the council's centre or one member's position, since the NBP board has a track record of visible internal splits and the governor's own framing has often diverged from individual members. The distinction worth drawing is between a genuine on-hold regime, which anchors short-dated yields and flattens the curve, and a pause framed as conditional, which leaves front-end pricing sensitive to each CPI release. Follow-ons are whether other council members echo the horizon, how the remark sits against the bank's own inflation projections, and the tone of the next press conference. As single-member commentary, the signal is directional rather than a decision.