Ex-Central Bank of Ireland governor tamps down hopes of rate cut soon
ECB chief economist Philip Lane stressed officials will be data dependent on when to cut ratesEuropean Central Bank chief economist Philip Lane said interest rates have reached a level that could help inflation return to target if held for a sufficient amount of time, but stressed officials will be data dependent when assessing the restrictiveness of policy.
“Our future decisions will ensure that the key ECB interest rates will be set at sufficiently restrictive levels for as long as necessary,” Lane said in a speech in New York. “The high level of two-sided uncertainty around the baseline means that we will remain data dependent in determining the appropriate level and duration of restrictiveness in our monetary stance.”
The ECB raised interest rates for a 10th straight meeting last week in what investors and economists widely interpreted as the final step in an unprecedented campaign of monetary tightening. While President Christine Lagarde pushed back against such conclusions, several of her colleagues have since said they hope hikes are done.
The most recent rate increase would help to shield the economy from “upside shocks” to inflation, Lane told the Money Marketeers of New York University on Thursday.
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