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Schnabel Offers A Path Of Steadier Rate Hikes To Sufficiently Restrictive Levels

ECB
  • Schnabel notes the ECB has more to do to return inflation to 2% and that core inflation hasn’t seen a turnaround like headline.
  • Slower hikes allow us to assess steps taken whilst still reaching sufficiently restrictive levels, and year-end rate cuts seen by markets are highly unlikely.
  • EURUSD only sees a marginal tick up on the headlines, still down -0.35% on the day with EUR one of the weakest performers in G10 FX.
  • Other headlines:

ECB'S SCHNABEL: WE CAN SEE MONETARY POLICY IS TAKING EFFECT - bbg

ECB'S SCHNABEL: UNCERTAIN HOW STRONGLY POLICY WILL WORK – bbg

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