Facing aggressive market rate-hike bets driven by surging energy prices, European Central Bank President Christine Lagarde and Deputy Governor Boris Vujcic spoke out on Friday, explicitly rejecting any mechanical linkage between interest-rate policy and oil and gas prices. Lagarde said in Dublin that the ECB still believes a "measured" policy response is sufficient to address the inflation situation, and that the central bank will reassess its policy stance once more data becomes available. The remarks directly addressed the sharp repricing in money markets in recent weeks. Traders currently expect the ECB could hike rates three to four more times over the next year, significantly exceeding most economists' projections.
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