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MNI BRIEF: Rate Hike In July, NIRP Exit By End Q3 - Lagarde

(MNI) London
(MNI) London

Normalisation of ECB policy to continue over summer months, ECB President says.

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Net purchases under APP should end "very early" in Q3, with an interest rate-lift-off in July, followed by an exit from negative interest rates by the end of Q3, European Central Bank president Christine Lagarde wrote in a blog post Monday.

Lagarde acknowledged that in the near term inflation and growth are moving in opposite directions. But with the inflation outlook "having shifted notably upwards compared with the pre-pandemic period, it is appropriate for nominal variables to adjust – and that includes interest rates (MNI SOURCES1: ECB Seen Making Two To Three 25-BP Hikes In 2022).

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Net purchases under APP should end "very early" in Q3, with an interest rate-lift-off in July, followed by an exit from negative interest rates by the end of Q3, European Central Bank president Christine Lagarde wrote in a blog post Monday.

Lagarde acknowledged that in the near term inflation and growth are moving in opposite directions. But with the inflation outlook "having shifted notably upwards compared with the pre-pandemic period, it is appropriate for nominal variables to adjust – and that includes interest rates (MNI SOURCES1: ECB Seen Making Two To Three 25-BP Hikes In 2022).

Keep reading...Show less