[フランクフルト ３日 ロイター] – Although there is growing speculation that the European Central Bank (ECB) will move in tandem with further US Federal Reserve (FRB) interest rate hikes, ECB officials are concerned about the development of interest rates in the future. the difference.
The Federal Reserve announced a further rate hike of 0.75 percentage points at the Federal Open Market Committee (FOMC) meeting on June 1-2. Considering the “cumulative effect of monetary tightening” so far, President Powell has suggested that future interest rate hikes may be smaller, but in a press conference, President Powell stated to what extent interest rates should be increased. There is still considerable uncertainty as to whether the
ECB President Christine Lagarde said Thursday at a conference in Riga, Latvia, that Fed policy decisions need to be made with caution because they affect global markets, but said: “We are not the same. We cannot go to the same pace (or) with the same economic outlook, “he said.
At the same time, “we are concerned with the transmission of policy through financial markets and, to a lesser extent, trade, because of course the exchange rate is important and must be considered in our inflation forecasts,” he said.
Speaking at the ECB meeting, Panetta said a larger-than-expected rate hike could disproportionately harm economic growth, house prices and financial markets. “If a larger-than-expected rate hike is interpreted as a suggestion of exceeding the final level of interest rate hikes, rather than accelerated policy normalization, it could have a greater than expected impact on the funding environment and, in turn, on economic activity. ‘, recognizing that the ECB should be cautious.
Italian central bank governor Visco, a member of the ECB’s board, warned against assuming the ECB will follow in the Fed’s footsteps, supporting market expectations that eurozone rates will fall below US rates.
Portugal’s central bank governor Centeno also said the ECB raised interest rates by a total of 200 basis points (bps) in three meetings through October, helping to curb eurozone inflation which is expected to peak. this quarter. needed to save the economy had already been implemented.
Some officials, meanwhile, advocate more aggressive rate hikes.
Latvia’s central bank governor Cazaaks said in a conference attended by Lagarde: “It is clear that interest rates will have to be significantly higher to bring inflation to the 2% medium-term target.” “He said.
“The ECB should not refrain from further rate hikes,” said Deutsche Bundesbank president Nagel at a meeting in Madrid.
