European Central Bank set to raise Interest Rates by 50 bp in Feb and March
In an interview with Dutch TV channel WNL, Klaas Knot, a member of the Council of Governors of the European Central Bank (ECB), said that the ECB is ready to raise interest rates by 50 basis points in February and March 2023, and will continue to raise interest rates for the next two months.
Previously, ECB’s chief economist Philip Lane in an interview with the Financial Times on January 17 said that the ECB must raise interest rates to the point where it begins to limit economic growth, while the peak interest rate will depend on how the economy responds to the bank's fastest policy tightening cycle in history.
The ECB has raised interest rates a total of 2.5 percentage points since July 2022 in an attempt to prevent inflation from escalating to record levels.
But policymakers have emphasized that they will need to raise interest rates even higher for inflation, currently around 10%, to return to its 2% target by around 2025.
European Central Bank set to raise Interest Rates by 50 bp in Feb and March
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