What if NBP holds high while ECB eases, PLN carry shines?
A hawkish National Bank of Poland keeps rates elevated as the ECB cuts, widening the rate differential and drawing carry flows that push the zloty to multi-year highs.
how we built this number — every step
The class rate is measured from our dated, sourced event library (decade-normalized Poisson — the full table is public at base_rates.json). The variant’s share within its class is the analyst’s editorial call, published so you can audit it. A wider range means thinner precedent. Full recipe: methodology · scored at Reality Check.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (gold) over time vs the crowd's (Polymarket, blue), from the past toward the 6–18 months horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. The gold path is an illustrative reconstruction anchored to today's estimate — real dated events, not a live re-estimate history.
What it would mean
If this plays out, it is a risk-on shock. A hawkish National Bank of Poland keeps rates elevated as the ECB cuts, widening the rate differential and drawing carry flows that push the zloty to multi-year highs. The trigger decomposes into signed root‑shocks — EM currencies ▲ · FX carry appetite ▲ · Risk appetite ▲ — which propagate through our causal graph to the markets below.
If it happens — the markets it would move
Biggest moves first. Projected moves are cascade-model priors; hist A–B% = what comparable past events actually did (measured abnormal returns), and model prior · unmeasured marks markets with no analogue backing yet. Tap any market for its price history.
| Market | Class | Projected move | |
|---|---|---|---|
| 1 | Turkish lira TRY 📈 chart | FX | ▲ +0.7% hist -5.8–+1.05% |
| 2 | Indian rupee INR 📈 chart | FX | ▲ +0.6% hist -0.65–+0.47% |
| 3 | Solana SOLon Hyperliquid 📈 chart | Crypto | ▲ +0.5% hist -4.69–+0.83% |
| 4 | Hyperliquid (HYPE) HYPEon Hyperliquid | Crypto | ▲ +0.4% model prior · unmeasured |
| 5 | MicroStrategy MSTRon Hyperliquid 📈 chart | Equity | ▲ +0.4% hist -7.96–+2.4% |
| 6 | Chinese yuan CNY 📈 chart | FX | ▲ +0.4% hist -0.19–+0.17% |
| 7 | Ether ETHon Hyperliquid 📈 chart | Crypto | ▲ +0.4% hist -7.48–+2.36% |
| 8 | Nasdaq 100 NDXon Hyperliquid 📈 chart | Index | ▲ +0.3% hist -0.06–+0.56% |
| 9 | Volatility (VIX) VIXon Hyperliquid 📈 chart | Vol | ▼ -0.3% hist -0.77–+0.2% |
| 10 | Bitcoin BTCon Hyperliquid 📈 chart | Crypto | ▲ +0.2% hist -2.14–+0.92% |
| 11 | USD/JPY USDJPYon Hyperliquid 📈 chart | FX | ▲ +0.2% hist -0.03–+0.36% |
| 12 | Aussie dollar AUD 📈 chart | FX | ▲ +0.2% hist -0.61–+0.35% |
| 13 | Tech sector XLK 📈 chart | Equity | ▲ +0.2% hist -0.24–+0.84% |
| 14 | S&P 500 SPXon Hyperliquid 📈 chart | Index | ▲ +0.1% hist -0.15–+0.62% |
Probable recommendation
Historical precedent — what analogous events actually did
Across 40 analogous events (overlap‑weighted), as abnormal returns — market beta stripped, so it's the event's own effect, not the market backdrop. Shown at 20 days (persistent) and 5 days (immediate); ↺ fades = the two horizons disagree. Confidence = consistency × sample × significance.
| Asset | History says | Abnormal (20d · 5d) | Hit | n | Confidence | vs cascade |
|---|---|---|---|---|---|---|
| TRY TRY | SHORT | -5.0% · 5d -0.5% | 72% | 30 | 0.43 | ⚠ differs |
| SOL SOL | SHORT | -4.0% · 5d -9.2% | 74% | 20 | 0.37 | ⚠ differs |
| CNY CNY | SHORT | -0.3% · 5d -0.4% | 68% | 30 | 0.28 | ⚠ differs |
| MSTR MSTR | SHORT | -7.2% · 5d -4.2% | 65% | 32 | 0.24 | ⚠ differs |
| INR INR | SHORT | -0.9% · 5d -0.2% | 62% | 30 | 0.23 | ⚠ differs |
| ETH ETH | SHORT | -6.9% · 5d -6.7% | 65% | 22 | 0.20 | ⚠ differs |
| High-yield credit HYG | SHORT | -0.2% · 5d +0.0% ↺ fades | 62% | 30 | 0.18 | · |
| SPX SPX | LONG | +0.5% · 5d +0.6% | 58% | 39 | 0.15 | ✓ matches cascade |
| Bitcoin BTC | SHORT | -2.1% · 5d -3.2% | 59% | 26 | 0.13 | ⚠ differs |
| AUD AUD | SHORT | -0.7% · 5d -0.8% | 57% | 30 | 0.13 | ⚠ differs |
| COIN COIN | SHORT | -0.7% · 5d +0.4% ↺ fades | 56% | 19 | 0.11 | ⚠ differs |
| SMH SMH | LONG | +1.4% · 5d -0.6% ↺ fades | 55% | 31 | 0.09 | ✓ matches cascade |
| XLK XLK | LONG | +0.7% · 5d -0.5% ↺ fades | 53% | 31 | 0.05 | ✓ matches cascade |
| 10y yield DGS10 | SHORT | -6bp · 5d -1bp | 52% | 39 | 0.03 | · |