European Central Bank ECBAs a result of its meeting yesterday, the policy rate increased to 3.50%, the highest level of the last 22 years. After the meeting, the ECB emphasized that it will continue its tight monetary policy in July.
Speaking after the Central Bank’s decision, member country executives supported the ECB. Policy makers said that interest rate hikes should continue.
Bundesbank / Nagel: We Must Continue After July
Joachim Nagel, head of the Bundesbank, the German Central Bank, spoke to the press after the ECB decision. Making falcon statements, Nagel stated that interest rate hikes should continue after July. Nagel emphasized once again that they are committed to the 2% inflation target.
LB / Simkus: Too Early to Comment
Gediminas Simkus, head of the Central Bank of Lithuania, made more cautious comments, unlike his German counterpart. Stating that the tightening should continue, Simkus thinks it is early to talk about the autumn months.
Speaking about the allegations that funding rates will fall in 2024, the Lithuanian executive said he did not expect a quick turnaround. According to Simkus, inflation may not reach the targeted level in the medium term.
Eesti Pank / Müller: Interest Rates Haven’t Peaked Yet
The head of the Estonian Central Bank, Madis Müller, commented that they need to get the price hikes under control immediately. Müller made a hawkish statement to the press, emphasizing that interest rates have not reached the pivot level yet.
FED Passed, China Lowered Interest Rates!
Last week, the central banks of America and China also held their monetary policy meeting. After Tuesday’s 4% annual inflation figure FEDdecided to keep the policy rate constant in the range of 5%-5.25%. Bank of China PBOC preferred to reduce interest rates in order to stay true to its annual growth target of 5%.
The ECB, on the other hand, plans to increase interest rates over the next few meetings.
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