ECB Accounts: Minimum two successive rate hikes needed for inflation projections to materialise – by eren_fxstreet ECB CentralBanks
The accounts of the European Central Bank's June policy meeting revealed on Thursday that policymakers agreed that it was seen as essential to communicate that monetary policy had still more ground to cover."It was argued that market participants would be surprised by the upward revision of inflation.""Emphasis was put on the merit of sticking to a data-dependent, meeting-by-meeting approach.
"The level of the peak deposit facility interest rate, as well as its duration, as embodied in the forward curve and reflected in the staff projections, could be judged as insufficient to bring inflation back to the 2% medium-term target.""Inflation was still projected to remain too high for too long, calling into question whether it was returning to target in a timely manner.
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