The ECB and Bank of England raised interest rates again, warning that the battle against inflation was not yet won
But with the ECB's hikes lagging those of Fed and BoE, and its new forecasts showing inflationthrough 2025, ECB President Christine Lagarde sought to persuade investors of its commitment to fighting higher prices.
Money markets immediately moved to price in a peak deposit rate of just over 3% by July, compared to 2.75% before the meeting. Lagarde said inflation may still come in higher than the ECB expects, citing the possibility of a bout of stronger-than-expected wage growth and of a boost to demand from government support measures across the 19 euro zone countries.
Under the plan, it will reduce monthly reinvestments from its Asset Purchase Programme by 15 billion euros starting in March and revise the pace of balance-sheet reduction from July. The yield on Italy's 10-year bonds rose by 31 basis points to 4.19%, the biggest single-day change since the pandemic-induced market rout of March 2020.
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