Summer on Edge

研报英文原文证据摘录

Summer on Edge

Update

July 10, 2026 03:00 AM GMT

Morgan Stanley & Co. International plcMCEEMEA Economics Weekly | EEMEA Georgi Deyanov

Economist

Summer on Edge Georgi.Deyanov@morganstanley.comRMB Morgan Stanley Proprietary Limited +44 20 7425-7006

Andrea Masia

While the BOI kept easing on the back of FX strength, the NBP EconomistAndrea.Masia@rmbmorganstanley.com +27 11 587-0820

and the CBE remained on hold as global uncertainty remains

Morgan Stanley & Co. International plc

elevated. Next week, we expect inflation for June to ease in Israel Yomna Moheieldin

and core inflation in Poland to tick down. EconomistYomna.Moheieldin@morganstanley.com +44 20 7677-0771

The 2026 Extel Global Fixed Income Poll is now open and your participation

matters a great deal to us. If you have enjoyed the CEEMEA team research, we

will greatly appreciate your vote. Click here to request your ballot and please

rate us five stars in Emerging EMEA > Economics. Thank you!

Poland | NBP remains on the sidelines: With the updated forecasts showing Recent Research Highlights

inflation remaining somewhat elevated for longer, the NBP kept rates unchanged at Poland: NBP Review: On the Sidelines

3.75%. We maintain our view for no change in the policy rate this year but still Israel: BOI Review: Uncertainties Remain

expect 50bp of cumulative easing in 2027. Higher oil prices create upside risks to South Africa: What to make of inflation

our forecast. expectations?

Egypt: CBE Preview: Continue to Hold

• The statement reiterated that further MPC decisions will depend on the

South Africa: 3Q26 Macro Slide Deck

outlook for inflation and economic activity in Poland, emphasizing that the

Hungary: NBH Review: Bucking the Hawkish

external macroeconomic environment will be particularly important.

Trend