On policy direction ahead 9do not he is towards the less dovish end of the ECB spectrum):
„I think it would be appropriate to take at least two or even three steps. These could be smaller ones, i.e. 0.25 percentage points each. If this were to happen by December, it would have the effect that by 2023 the deposit rates for banks, which are now minus 0.5 percent, would be in positive territory,“
„You’ll still be quite a bit away from the natural nominal interest rate. So there is still a long way to go. But it would be a good signal to the public.“
Info via Reuters
The ECB will be, and is, slower to hike than other DM central banks. Think Fed, BoE, BoC, RBA, RBNZ. Not as slow as the BoJ though.
ECBs Holzmann ponders the rate hike path
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