ECB showed that it still intends to run its own show – Rabobank By MSalordFX ECB Banks
kept its monetary policy unchanged after the Board meeting, as expected. According to analysts from Rabobank, in contrast to some of its peers, which are no longer taking their chances with inflation, the ECB showed that it still intends to run its own show, in its own pace and on its own terms. The overall ‘well-considered and balanced’ tone of the press conference does further expose it to marketbased risks, notably a weaker currency and/or higher inflation expectations, they explained.
“We therefore bring forward our expectations for rate hikes to September and December, albeit somewhat reluctantly if we look at today’s indecisiveness. That said, whether thestarts its lift off in September or December, we still believe that too much tightening has been priced into money markets between now and end2023.”
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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