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MNI BRIEF: ECB Hikes 25 Bps, APP Buys Set For June End
The European Central Bank raised its three key ECB interest rates by 25 basis points Thursday, taking the Deposit Rate to 3.25%. The move saw rates hiked for a seventh consecutive month, adding a cumulative 375bps to the key rates, leaving the benchmark deposit rate at levels last seen in 2008.
In a statement alongside its decision, the ECB said future decisions will ensure that the policy rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to the 2% medium-term target and will be kept at those levels for as long as necessary. (MNI SOURCES: ECB To Hold Rates At Peak Into 2024)
The Governing Council also said interest rates remain the primary tool for setting the monetary policy stance and in line with this principle, it is expected reinvestments under the APP will discontinue as of July 2023. TLTROs will be regularly assessed as to how targeted lending operations are contributing to its monetary policy stance. (MNI SOURCES: ECB Set For TLTRO Discussions Ahead June Maturity)
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