5:10 15 January 2026
Fed turmoil worries Poland
Poland is watching the repercussions of a U.S. investigation into Federal Reserve Chair Jerome Powell as it weighs future dollar-denominated borrowing, said Karol Czarnecki, head of the Public Debt Department at the Ministry of Finance, in comments reported by Bloomberg.
Powell is facing a Justice Department probe over allegations he misled a congressional committee about renovation costs for the Fed’s headquarters. Markets read the move as political pressure from President Donald Trump, who for a year has pushed Powell for faster rate cuts and sought to place loyalists on the Fed board. The controversy has raised concerns about the central bank’s independence and added volatility to the dollar and U.S. Treasuries.
Czarnecki said Poland “is watching closely” and does not foresee “a catastrophe,” but warned the situation could turn against issuers. Since 2022 Poland has raised USD 21.5 billion in dollar bonds, while also tapping euros—and potentially yen and Swiss francs—for funding.
