By David Barwick – FRANKFURT (Econostream) – To the version published on 2 December 2022 of recent public comments by European Central Bank Governing Council members touching on the subject of quantitative tightening, we have added remarks made since.
9 December 2022
By David Barwick – FRANKFURT (Econostream) – The European Central Bank’s consumer expectations survey, released Wednesday for the fourth time, confirmed the trend of previous months, as expectations in October of inflation in one year rose anew whilst expectations of inflation three years ahead remained unchanged.
7 December 2022
By David Barwick – FRANKFURT (Econostream) – Strictly speaking, European Central Bank Chief Economist Philip Lane cannot be said to have walked back his previous interview in the one published on Tuesday. But what might appear at first glance to have been doubling down was in fact decidedly more cautious in tone and scope than last month.
6 December 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Chief Economist Philip Lane on Tuesday left open the question of whether the ECB Governing Council would hike rates by 75bp or 50bp in December, but warned of a second inflationary wave.
6 December 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Monday said that this month’s monetary policy meeting of the ECB was likely to see euro area official interest rates reach neutrality at approximately 2%.
5 December 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Gabriel Makhlouf on Monday said that the ECB should hike interest rates this month by at least 50bp.
5 December 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Sunday said it was clear that the ECB had to continue to raise official borrowing costs.
4 December 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member François Villeroy de Galhau on Sunday suggested that he would favour a December rate hike by the ECB of 50bp.
4 December 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Friday said that financial markets would be able to deal with the passive roll-off as of next quarter of assets acquired under the ECB’s Asset Purchase Programme (APP).
2 December 2022
By David Barwick – FRANKFURT (Econostream) – To the updated version published one week ago of recent public comments by European Central Bank Governing Council members touching on the subject of quantitative tightening, we have added remarks made in the meanwhile.
2 December 2022
By David Barwick – FRANKFURT (Econostream) – The European Central Bank's effort to reduce the size of its balance sheet would be 'predictable and gradual', ECB Governing Council member Edward Scicluna said Friday.
2 December 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Yannis Stournaras on Thursday came out in favour of making any more ECB rate hikes ‘gradual’.
1 December 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde is seeking to reinforce the existing ECB communications policy applicable to top Eurosystem officials, according to insiders who spoke to Econostream recently.
1 December 2022
By David Barwick – FRANKFURT (Econostream) – Following is the full transcript of the Econostream interview dated 29 November 2022 with European Central Bank Governing Council member Mario Centeno:
30 November 2022
- Centeno: If Council ‘sees the need to take policy rates above neutral levels it will do so temporarily’
- Centeno: ‘Very important to underline that any rate hikes above neutral levels are supposed to be temporary’
- Centeno: Rates now closer to normal, but ‘this is no guarantee that further steps are dispensable’
- Centeno: ‘A decision completely aligned with market expectations is not guaranteed’
- Centeno: ‘Adding more predictability and the rationale to our decisions will be key’
- Centeno: ‘Financing conditions are no longer very accommodative’
- Centeno: ‘Our decisions cannot be compared, in size, with those of the Fed, as conditions differ substantially’
- Centeno: Key principles to reduce APP portfolio should exclude any resurgence of fragmentation
By David Barwick – FRANKFURT (Econostream) – It cannot be stated at this point how far the European Central Bank will have to increase interest rates to restore price stability, ECB Governing Council member Pablo Hernández de Cos said Tuesday.
29 November 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank Governing Council member Joachim Nagel on Monday reiterated the importance of not letting up in monetary policy’s effort to restore price stability.
28 November 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Monday showed herself from her hawkish side, making it considerably less clear whether the Governing Council would really temper its pace of rate hiking as soon as next month, but also raising the question of how bold forthcoming quantitative tightening decisions will turn out.
28 November 2022
By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Monday said that the terminal rate of the ECB's hiking cycle would depend on the outlook, how long shocks are felt, how key variables respond and the effectiveness of ECB monetary policy.
28 November 2022