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Lane Says Rate Adjustment Increments Outside of 25bps are Possible

ECB
  • Size and frequency of interest rate moves depends on what inflation scenario you're in. Raises topic of why 25bps is global standard of interest rate moves, but other increments are possible.
  • Refuses to engage with hypothetical scenario of ECB announcing end of APP as well as hinting of future rate rises.
  • On exchange rates: says in the full macro assessment, the FX rate matters through all sorts of channels. The value of multi-national earnings, their competitiveness will depend on FX rates. This goes beyond import/export prices, has impact on big macro factors. In turn this impacts the inflation dynamic. FX is a pretty broad issue.
  • We had EUR appreciation in the first year of pandemic, big chunk of that has rolled back. So pre-pandemic vs. now - not a huge movement. The rollback takes away a large disinflationary force.
  • On bond yield spreads: everything is taken in context of macro assessment. As such, there is no unique number for where interest rates should be.
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EM BulletHomepagemarkets-real-timeFixed Income BulletsBulletMarketsEmerging Market NewsForeign Exchange BulletsEuropean Central Bank (ECB) Market News

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