European Central Bank Interest Rate Decision: Another 25 bps hike, Lagarde speech on focus ECB CentralBanks InterestRate EURUSD SEO
flirting with 1.1100 after reaching its highest level in 17 months above 1.1200 last week, as we progress toward the ECB policy announcements.
The Fed raised rates by the widely expected 25 basis points to a 22-year high of 5.25%-5.50% and left doors open for more tightening without committing to the timing of the next lift-off. On Tuesday, Germany’s IFO Business Climate Index declined to 87.3 in July versus last month's 88.6 and the consensus forecast of 88.0. the Institute’s Economist Klaus Wohlrabe said that the “German GDP likely to shrink in the 3rd quarter.”
Early July, President Lagarde said in an interview with La Provence, “we still have work to do to bring inflation back down to our target.” “We need to bring rates into “sufficiently restrictive” territory to lock in our policy tightening, she mentioned in her introductory speech at the ECB Forum on Central Banking, in Sintra, last month.
Soft Eurozone inflation data prompted several ECB policymakers to push back against expectations of another rate increase in September. It was the dovish remarks from a notable hawk, Governing Council member Klaas Knot, last week that paused the ongoing uptrend in. Knot said rate hikes beyond July are likely but not certain.” His colleague Ignazio Visco noted that “inflation may drop more quickly than forecast.
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