Polish Consumer Confidence (Sep) -10.8 (Prev. -11.3)

The relevant channel is the read-through to household consumption and, in turn, to the Polish central bank's assessment of demand-side inflation pressure, which has been the swing factor in its rate decisions through past easing and tightening phases. An uptick of this size sits within the normal noise band for the series and is the kind of print that, in comparable episodes, has been absorbed without repricing the front end of the PLN curve. What has historically mattered more is the direction of the trend across several months, since sustained swings in sentiment have tended to precede shifts in retail sales and wage dynamics that the council actually reacts to. The follow-ons worth noting are the hard activity data for the same period and any commentary from rate-setters, which carry more weight than the survey itself.