Lane: ECB Will Not Revisit Decision To Lift Rates By 25bp In July (RTRS)

"The European Central Bank will not revisit its decision to raise interest rates by 25 basis points at its July 21 meeting, ECB Chief Economist Philip Lane said on Monday, just days after some of its global peers accelerated the pace of monetary tightening. Negative rates are no longer appropriate for the bloc but the exit will be done in two steps, first by lifting the negative 0.5% deposit rate to minus 0.25% in July and by a possibly larger amount in September, Lane said."

• Nothing in the way of a tangible reaction in the EUR as Lane reaffirms the central bank's guidance and doesn't offer any fresh perspective, noting that there is no preview for what lies beyond September when it comes to an appropriate pace of monetary tightening.