Puzzling things are possible in Polish monetary policy. First Adam Glapiński – the governor of the country's central bank – made two U-turns in two months, flipping his stance from hawkish to dovish, and then to hawkish again by saying first interest rate cuts can be expected only in 2026. But other Monetary Policy Council Members later contradicted the governor, suggesting in a series of interviews that cuts could be delivered sooner. We asked Ignacy Morawski, chief economist at Puls Biznesu, to help us make sense of the cacophony of voices around Polish monetary policy.

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