last week for the second time in the row to 2 per cent. It reiterated the need to raise rates further but highlighted it had made “substantial progress” in removing stimulus from the economy.Investors took the policy statement’s tone as being more cautious than in the past, and fanned expectations of smaller rate increases down the road.
Meanwhile, economists said the full effect of inflation in the eurozone had not yet reached consumers and was likely to stay in double-digit territory for some time, keeping pressure on the ECB to keep raising interest rates. The US investment bank forecasts the ECB to lift the benchmark rate by 0.5 percentage points at its next meeting in December, before slowing to 0.25 percentage points in February and then pausing.
Some economists also flagged the risk of a smaller lift by the Bank of England this week as the nation prepares for a recession that could be exacerbated by spending cuts under new Prime Minister Rishi Sunak.
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