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MNI STATE OF PLAY: ECB Paves Way For July, Sept Rate Hikes

(MNI) London

The ECB signalled a 25-basis-point hike for July, and left the door open to a larger increase in September.

The European Central Bank agreed Thursday that it would aim to raise its key interest rate for the first time since 2011 by 25 basis points in July, and said it could increase rates by a greater increment in September unless the inflation outlook moderates.

While the announcement was largely in line with expectations, the possibility of a 50-point increase in September was an acknowledgement both of inflationary pressures -- staff projections now see headline inflation at 2.1% in 2024 -- and the concerns of more hawkish policymakers.

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The European Central Bank agreed Thursday that it would aim to raise its key interest rate for the first time since 2011 by 25 basis points in July, and said it could increase rates by a greater increment in September unless the inflation outlook moderates.

While the announcement was largely in line with expectations, the possibility of a 50-point increase in September was an acknowledgement both of inflationary pressures -- staff projections now see headline inflation at 2.1% in 2024 -- and the concerns of more hawkish policymakers.

Keep reading...Show less