M&G: Inflatiedruk zorgt voor forse rentestap ECB

M&G: Inflatiedruk zorgt voor forse rentestap ECB

July 21, 2022

Interest Rates ECB
ECB (07)

Wolfgang Bauer, Obligatiespecialist bij de Britse vermogensbeheerder M&G, reageert op het rentebesluit van de ECB van vandaag: 

'The ECB ended the era of negative interest rates in Europe today. With inflation running hot, the ECB decided to frontload the process of normalising monetary policy with a 0.5% hike. Moving rates up twice as much as the ECB had communicated at their June meeting is testament to the severity of current inflation dynamics. Going well beyond their own forward guidance is meant as a signal to market participants that the ECB is committed to reining in inflation. However, one should not forget that despite today’s rate hike, the ECB is still deploying a distinctly more accommodative monetary policy than other major central banks. The 0.5% hike was only a first – albeit bolder than widely expected – step towards interest rate normalisation and, if inflation continues to reign supreme, there is still a lot of catching-up to do.'

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