ECB’s Knot: We need at least two more rate hikes
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In an interview with Italy’s Corriere della Sera, European Central Bank (ECB) policymaker Klaas Knot said that the ECB needs to raise the policy rate at least two more times, as reported by Reuters.
Knot further argued that rates should stay put for a significant period of time following these increases.
“Headline inflation peak behind us but not sure if at peak of underlying inflation.”
Most of impact of ECB’s monetary tightening is still in the pipeline.”
“Next two ECB hikes should be 25 bps each.”
“I am totally open-minded on what happens with rates after the summer.”
“Market pricing of rate cuts is overly optimistic.”
These comments failed to help the Euro gather strength against its rivals. As of writing, EUR/USD was down 0.35% on a daily basis at 1.0712.
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