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ING Now Sees A Further 75bp In 2022 Hikes As "There Are No More Doves"

ECB

ING analysts have increased their ECB rate hike expectations following today's meeting: they see another 75bp in further hikes in 2022, which "could be another 75bp at the October meeting or 50bp in October and a last-minute 25bp hike at the December meeting." They had previously seen a 50bp hike today, and another 25bp in October.

  • ING: "Taking today’s decision and Lagarde’s comments at the news conference at face value, we have to change our ECB call. For the time being, there are no more doves. The Bank is clearly determined to bring interest rates to their neutral level, and this level is clearly at the upper end of the common range of between 1% and 2%. If it were up to the hawks, they would probably like to hike by another 100bp before next spring. However, we think that at some point in the coming months, the ECB will have to acknowledge that its growth expectations are too positive."
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