ECB leaves door open to further tightening – UOB – by pabspiovano ECB CentralBanks Banks InterestRate
by 25bps. This is the smallest rate increase since the ECB started its current tightening cycle in Jul 2022. It also expects to discontinue the reinvestments under the Asset Purchase Programme as of Jul 2023. As for the Pandemic Emergency Purchase Programme , guidance was left unchanged .”continues to be too high for too long’, and adding that while ‘headline inflation has declined over recent months, underlying price pressures remain strong’.
“In all, the ECB did not provide further guidance about upcoming rate decisions. At this juncture, we are penciling in one more 25bps hike at the next meeting on 15 Jun, since Lagarde highlighted that there is still ‘more ground to cover’. But the ECB clearly has every reason to stick to a data dependent approach. Whether Jun or Jul will be the last will depend crucially on inflation data scheduled for late-May.
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