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Poland’s Baffling QE Auction Sparks Talk of ‘Silent Taper’
Poland’s central bank bought much less government debt than it indicated for a second straight month, sparking speculation that it’s quietly scaling down its quantitative easing program.
The National Bank of Poland bought 2.03 billion zloty ($545 million) of bonds on Wednesday, just 36% of what investors offered to sell at the auction, after saying it was ready to accept as much as 10 billion zloty.
The amounts purchased at the previous operation in May also fell drastically short of the offer, leading to a sell-off on the local bond market.
“It would be hard for market participants to interpret the results otherwise than as a silent taper,” Bank Pekao SA economists wrote. Analysts at MBank SA said that the trend of smaller purchases is going to continue until the quantitative easing program is halted before a first rate increase.