Poland’s Glapinski Sends Competing Signals After Surprise Cut

Poland’s central bank Governor Adam Glapinski said this week’s unexpected interest-rate cut was not the beginning of a cycle of monetary easing, even as he held out for another potential reduction in September.

The monetary policy chief made the comments as he was assailed by critics for failing to communicate the thinking behind the National Bank of Poland’s moves. Glapinski described the quarter-percentage-point cut Wednesday, which wrong-footed markets and sank the zloty, as a “cautious adjustment.”