European Central Bank will Continue to Raise Interest Rates
The President of the European Central Bank (ECB), Christine Lagarde, has issued a strong warning that inflation pressures remain high and borrowing costs will further increase to tackle inflation.
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Despite May's inflation data recording a second straight month of decline in the core inflation index, investors and analysts remain skeptical that the ECB will offer another rate hike at its meeting on June 15. However, analysts predict that the bank is likely to raise interest rates at both its June and July meetings, bringing the deposit rate to 3.75% from 3.25% now. Ignazio Visco, Governor of the Bank of Italy, called for promoting a gradual approach to rate hikes, having already increased by 375 basis points since May 2022.
In addition, Joachim Nagel, the President of the German Central Bank (Bundesbank), hinted that rate hikes may need to last beyond July. Although most investors and analysts are uncertain if the ECB will announce another rate hike at its upcoming meeting, they agree that it is crucial to keep tackling inflation and ensure economic stability.
On a positive note, ECB President Christine Lagarde was optimistic about the eurozone banks after the recent turmoil in the industry. Her comments offer some reassurance for the struggling banking sector, which has been hit hard by the pandemic. It is essential to maintain a stable economy to help businesses and individuals get back on their feet post-pandemic. The ECB's vigilant measures reaffirm its commitment to achieving economic recovery and stability in the Eurozone.
European Central Bank will Continue to Raise Interest Rates
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