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Decision highlights

ECB
  • 25bp hike as expected.
  • "Inflation has been coming down but is projected to remain too high for too long."
  • "The Governing Council confirms that it will discontinue the reinvestments under the asset purchase programme as of July 2023." As expected.
  • ECB inflation forecast changes. Core taking much longer to get back to target:
    HeadlineMarchJune
    20235.3%5.4%
    20242.9%3.0%
    20252.1%2.2%
    CoreMarchJune
    20234.6%5.1%
    20242.5%3.0%
    20252.2%2.3%

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