ECB’s Lane says further rate hikes remain justified even under milder outlook
The European Central Bank (ECB) remains committed to maintaining a restrictive monetary policy stance in order to contain the inflationary impact of the energy shock, even under a milder economic scenario, according to Chief Economist Philip Lane comments reported by Reuters. Lane stated that further rate hikes still make sense, while emphasizing that the ECB could be willing to look through temporary shocks if they are not long-lasting.
Key takeaways
Comfortable that hiking makes sense even under milder scenario.
Open minded to looking through shocks if they are not long lived.
Even if Oil is falling, we think food will keep going up.
Hike aims to contain spread of energy shock.
Market reaction
Markets have largely ignored Lane’s remarks, with EUR/USD trading around 1.1470 at the time of writing on Thursday, down 0.28% on the day.
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