With holiday season approaching quickly, it has been a quiet week on the fixed income market. Tuesday’s publication of November’s CPI data was actually the last event that could have influenced the market in any way. Despite a negative surprise (4.8% y/y, half a percentage point higher than previous month, higher than market forecast of 4.5%), impact was quite moderate. Front end of the curve jumped by some 4-5bp only temporarily, as that move was perceived as a receiving opportunity by majority of the players. For the rest of the week rates constantly drifted lower amid low turnover (gravity works after all) . As it seems we have reached the end of trading year already it’s hard to expect any significant changes in terms of prices for the upcoming week (apart from what has been a major driver recently i.e. global sentiment and ‘crisis’ stories, however Polish FI market seemed to have lost it’s direct correlation to other markets, or, more precisely, became quite immune to negative news).