Poland's central bank continued its tightening cycle this week, but recent comments from policymakers have made us concerned that it is failing to appreciate the extent, persistence and possible consequences of wage growth and inflation. Elsewhere, while a semblance of calm has descended on Turkey's financial markets in recent weeks, policymakers have taken further steps on the path towards capital controls. Finally, the Russian ruble has started the year on the back foot amid ongoing geopolitical tensions and all eyes will turn to the negotiations with the US and NATO next week.
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