European Central Bank policymakers meeting on Thursday have a choice between a big 50 basis point interest rate hike, or an even bigger one to contain record high inflation.
"The ECB, which is currently behind the curve, will have to tighten its monetary policy aggressively at least until the beginning of 2023, when we can see a peak in the rise of consumer prices," said Flavio Carpenzano, fixed income investment director at Capital Group.The latest ECB economic forecasts on Thursday will likely predict inflation remaining higher for longer.
Given this backdrop, ECB chief Christine Lagarde may be reluctant to be drawn on when inflation could peak.
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