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MNI BRIEF: Case For Rate Slowdown Growing - ECB GovCo Accounts

(MNI) LONDON
(MNI) London
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Upside risks to the inflation outlook and downside risks to growth dominated October’s ECB Governing Council monetary policy meeting, the official account shows, amid increasing focus on fiscal policy’s contribution to upward price pressure and against a background of continued high levels of uncertainty caused by the war in Ukraine.

A “very large” majority of members favoured raising interest rates by 75, rather than 50bps, with some warning that doing less risked falling short of market expectations, at the same time as a larger increment would bring the presumed neutral rate of interest within sight more quickly. Yet all components of demand, including consumption, investment, services and exports, showed signs of weakening, it was noted.

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Upside risks to the inflation outlook and downside risks to growth dominated October’s ECB Governing Council monetary policy meeting, the official account shows, amid increasing focus on fiscal policy’s contribution to upward price pressure and against a background of continued high levels of uncertainty caused by the war in Ukraine.

A “very large” majority of members favoured raising interest rates by 75, rather than 50bps, with some warning that doing less risked falling short of market expectations, at the same time as a larger increment would bring the presumed neutral rate of interest within sight more quickly. Yet all components of demand, including consumption, investment, services and exports, showed signs of weakening, it was noted.

Keep reading...Show less