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Lagarde: Starting With "Incremental, Sizeable, Not Excessive" Hike

ECB

Q: PEPP reinvestments suggest sustained stimulus over the medium term. Is that appropriate?

  • A: Reinvestments are a matter that will be discussed within the GC, but was not discussed at this meeting. We will be looking at it.

Q: Why do you today exclude the possibility of a 50bp hike in July?

  • A: We are coming out of 11 years of no interest moves. We are on our path to exit negative rates. It is good practice and often done by most central banks to start with an incremental increase that is sizeable, not excessive and which indicates a path. We also want to observe how markets are going to operate.
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