13:27 10 May 2025
Next Rate Cuts Likely in Summer or Autumn
After the May rate cut to 5.25 percent, analysts from Pekao and mBank expect further reductions later this year, most likely in July or autumn. Despite earlier speculation about a June cut, NBP President Adam Glapiński emphasized a cautious approach, stating the move was not the start of a cutting cycle and that the Council is in “wait and see” mode.
Pekao maintains its forecast of a 100 bp cut in total for 2025, calling market expectations of 200 bp “absurd.” mBank also sees July or autumn as more probable, though it doesn’t rule out a 25 bp cut in June.
Borrowers hoping for quick relief may have to wait.
