WARSAW, Dec 11 (Reuters) - Central European currencies firmed on Wednesday, gaining on expectations that the U.S. Federal Reserve would leave rates unchanged with a hawkish tone. The Fed is expected to leave its federal funds rate unchanged at a level between 1.50% and 1.75% when it ends a two-day policy meeting on Wednesday. Fed Chair Jerome Powell is also expected to reiterate the rate will likely remain at that level through much, if not all, of 2020. By 0950 GMT the Polish zloty had firmed 0.06% against the euro to be bid at 4.2861, while the Czech crown strengthened 0.04% to 25.518. The Hungarian forint rose 0.25% to trade at 330.10. However Peter Virovacz, senior economist for ING in Hungary, cautioned the gains in regional currencies may be short-lived. "The market might expect a hawkish bias from Powell ... (but) we expect cautious comments so we don't believe this strengthening will stay," he said. The Romanian leu was little changed against the euro at 4.7775. Romania's consumer price inflation rose slightly above market expectations to 3.8% on the year in November, from October's 3.4%, data from the National Statistics Board showed on Wednesday. Analysts expect the jump to be temporary, and for inflation to return within the central bank's 1.5-3.5% target next year. They see the benchmark interest rate unchanged at 2.50% throughout 2020. Meanwhile, S&P unexpectedly revised Romania's ratings outlook to 'Negative' as a result of fiscal slippages and growing twin deficits. Markets have so far shrugged off the revision. "Reading between the lines, it doesn't look that a rating downgrade is imminent and the agency will likely watch the new government's fiscal plans after the general election before taking any action," ING Bank Romania said in a research note. Romania will hold a parliamentary election in late 2020. Czech 10-year yields were little changed at 1.522%, while interest rate markets settled after jumping on Tuesday when data showed inflation quickened at its fastest pace in seven years last month. The rise has been tempered by comments from central bank officials. Czech central bank board member Vojtech Benda wrote on Wednesday that the next rate move could be either way, a day after another board member, Tomas Nidetzky, was cited as saying that Czech interest rates could stay steady for another year. Polish 10-year yields rose 2 basis points to 1.999%. "In the upcoming days, much will depend on the data ... We are expecting Polish 10Y yields to rise to 2.05% at the end of the week," Santander Bank Polska analysts said in a note. Stocks were mixed, with Warsaw and Prague's blue-chip indices falling 0.38% and 0.12% respectively, while Budapest's main index gained 0.26%. The gain in Budapest was despite Hungarian IT firm 4iG Nyrt plunging 14% after it said its deal to acquire Magyar Telekom's T-Systems unit had fallen through. CEE MARKETS SNAPSHOT AT 1036 CET CURRENCIES Latest Previous Daily Change bid close change in 2019 EURCZK= Czech 25.5250 25.5160 -0.04% +0.71% crown EURHUF= Hungary 330.1000 331.1700 +0.32% -2.73% forint EURPLN= Polish 4.2861 4.2886 +0.06% +0.08% zloty EURRON= Romanian 4.7792 4.7808 +0.03% -2.62% leu EURHRK= Croatian 7.4350 7.4373 +0.03% -0.34% kuna EURRSD= Serbian 117.4000 117.4700 +0.06% +0.77% dinar Note: calculated from 1800 daily CET change Latest Previous Daily Change close change in 2019 .PX Prague 1084.04 1085.3200 -0.12% +9.88% .BUX Budapest 44362.05 44248.52 +0.26% +13.35% .WIG20 Warsaw 2046.23 2054.11 -0.38% -10.12% .BETI Bucharest 9797.77 9878.67 -0.82% +32.69% .SBITOP Ljubljana 910.86 907.30 +0.39% +13.25% .CRBEX Zagreb 1986.78 1984.21 +0.13% +13.61% .BELEX15 Belgrade 778.46 777.84 +0.08% +2.20% .SOFIX Sofia 544.92 546.07 -0.21% -8.33% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic CZ2YT=RR 2-year 1.4870 0.0020 +218bp +1bps s CZ5YT=RR 5-year 1.2330 0.0040 +180bp +2bps s CZ10YT=RR 10-year 1.5220 0.0010 +183bp +1bps s Poland PL2YT=RR 2-year 1.3970 -0.0050 +209bp +0bps s PL5YT=RR 5-year 1.7480 -0.0070 +232bp +0bps s PL10YT=RR 10-year 1.9990 0.0210 +231bp +3bps s FORWARD RATE AGREEMENT 3x6 6x9 9x12 3M interbank Czech Rep 2.24 2.25 2.18 2.18 Hungary 0.26 0.31 0.34 0.16 Poland 1.71 1.69 1.66 1.70 Note: FRA are for ask prices quotes (Reporting by Alan Charlish in Warsaw, Luiza Ilie in Bucharest and Jason Hovet in Prague; Editing by Pravin Char)