As expected the ECB’s Governing Council decided yesterday to leave its official interest rate unchanged at 1.25%, but Jean-Claude Trichet used the code words “strong vigilance” several times suggesting that the main policy rate will probably be raised by 25bp to 1.5% at July’s meeting. The hint was reinforced by other hawkish sentences like: “we […]
As expected the ECB’s Governing Council decided yesterday to leave its official interest rate unchanged. The wording appeared very dovish as Jean-Claude Trichet refrained from using “strong vigilance” – a key word to announce a rate increase at the next meeting. Moreover, referring to conditions, he said that they were “still accommodative” instead of a somewhat […]
As expected the ECB has raised the refinancing rate by 25bp to 1.25% The ‘corridor’ is left unchanged as the deposit and the marginal lending facilities have also been raised by 25bp Monetary policy tightening will probably follow We expect the refinancing rate to reach 2% at the end of the year As expected, the […]
Core inflation moved further back up Core CPI rose by 0.2% m-o-m in January, above consensus expectations of +0.1% for the second month in a row Y-o-y core inflation accelerated further from 1.0% in January to 1.1% in February We believe that core inflation will pick up further modestly during the course of 2011. Our […]
As expected, the SNB kept its target rate on hold and was more upbeat on the prospects for growth We still do not expect any rate hike before Q4 2011 at the earliest The SNB was surprisingly silent about problems posed by the surging Swiss franc Although anything looks possible in the short-run, we continue […]
Trichet announces that a 25 basis point rate hike is likely as early as April The ECB is set to risk starting the tightening cycle too early Weakest Member States likely to be weakened by the decision At the same time, nonstandard measures are maintained at least until the end of Q2 Accordingly, we have […]
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