ECB changes outlook on future interest rate developments

ECB changes outlook on future interest rate developments
ECB President Christine Lagarde and Vice President Luis de Guindoso

According to the ECB chairman, there is agreement in the Governing Council on the fundamental direction of monetary policy. When it comes to “precise calibration”, however, there are differing views.

(Photo: Imago Images/Xinhua)

frankfurt The European Central Bank (ECB) wants to be more understandable with its new strategy. “Unfortunately, this was not clear at today’s meeting,” criticized Michael Holstein, chief economist of DZ Bank. He summarized ECB President Christine Lagarde’s remarks in a simple statement: “Monetary policy will be too expansionary for a very long time.”

Marchel Alexandrovich, European economist at US bank Jefferies, sees a similar commitment at the central bank to raise interest rates “by 2023 at the earliest”.

Since this trend was expected, the markets did not show a clear trend. Konstantin Veit, portfolio manager at Allianz fund company Pimco, commented that the results of the monetary policy meeting “substantially met expectations”. He interprets loose monetary policy as a “tailwind for risk investing”.

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