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Minutes Talk Through "Large" Number of Members Preferring 75bps Dec Move

ECB
  • A large number of members initially expressed a preference for increasing the key ECB interest rates by 75 basis points, as inflation was clearly expected to be too high for too long and prevailing market expectations and financial conditions were plainly inconsistent with a timely return to the ECB’s 2% inflation target.
  • Failing to exceed market expectations could be regarded as confirming market views on the future policy path, which could result in the yield curve not shifting upwards to the extent required to bring inflation back to target.
  • It was maintained that a 75 basis point increase would speak for itself and was preferable to relying on the alternative approach of a 50 basis point move accompanied by strengthened communication on the way forward.
  • A broad majority of members supported Mr Lane’s proposal to raise the key ECB interest rates by 50 basis points
  • A 50 basis point increase was judged to constitute an appropriate pace at which monetary policy could be tightened in a manner that was still expeditious, while recognising the uncertainties surrounding the state of the economy and the inflation outlook.
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EM BulletHomepagemarkets-real-timeEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsEuropean Central Bank (ECB) Market News

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