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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Sun May 13, 2007 12:44 am Post subject: ECB Will Hike Interest Rates In June But Second-Half Policy |
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ECB Will Hike Interest Rates In June But Second-Half Policy Outlook Is Still Unclear
As expected, the European Central Bank (ECB) kept its Refi rate unchanged at 3.75% this morning, but signaled that it expects a rate hike at the June 6 meeting. Trichet stated that "strong vigilance is of the essence in order to ensure that risks to price stability over the medium term do not materialize."
Once again, the policy statement and subsequent press briefing talked about the ongoing strength of the Euro-zone economy and about upside risks to inflation - including buoyant money supply and credit growth, higher oil prices, and potential wage developments. Interestingly, the statement also noted a new source of upside risk - high capacity utilization.
The headline rate of inflation has been below the ECB's 2.0% target for the past eight months, but money supply growth is certainly robust, with the annual increase in M3 accelerating again in March to hit a 24-year peak of 10.9%.
http://www.marketoracle.co.uk/Article967.html |
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