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Villeroy More Explicit on Place in Rate Cycle

  • Familiar themes from Villeroy - but more explicit on where the ECB are in their cycle. Had said just under two weeks ago that “We can’t let inflation set in" which is reflected in these comments - but the comments on the cycle are more interesting.
  • Villeroy states that "most of interest rate hike journey is complete, with fairly powerful tightening impact yet to come" which is among the clearest comments Villeroy has recently on rates, and has weighed slightly on ECB implied rates in recent trade.
  • Lagarde and Vujcic still to come in 90 minutes.
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