ECB's Villeroy: Rate Hikes Will be "Gradual but Sustained" By Investing.com

Fed meeting, Exxon record, Eurozone skirts recession - what's moving markets

ECB's Villeroy: Rate Hikes Will be "Gradual but Sustained"

Economy Jun 10, 2022 08:36

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By Scott Kanowsky

Investing.com -- The European Central Bank will pursue a "gradual but sustained" rise in interest rates until hitting somewhere between 1% and 2%, according to Governing Council member Francois Villeroy de Galhau.

Speaking on French radio, Villeroy also reiterated the ECB's committment to reining in soaring inflation, warning that it is "too high and too broad." He added the central bank will aim to bring inflation back down to its 2% target.

Villeroy's comments follow an announcement by the ECB on Thursday to halt its massive bond-buying programme and raise rates by 25 basis points in July. It also said that a further increase will come in September, but did not specify the exact size of that move.

Meanwhile, Deutsche Bank (ETR:DBKGn) recalibrated its baseline ECB rate hike expectations, saying it now projects a 50 basis point rise in both September and October, as well as a 25 basis point increase in December. The lender had previously forecast one 50 basis point hike this year.

As of 0310 EST (0710 GMT), Italy 10-Year yield was higher at 3.720%, while its Germany 10-Year fell slightly to 1.429%.

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Pt Pt Jun 10, 2022 10:34

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ECB's Villeroy: Rate Hikes Will be "Gradual but Sustained"

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