“We are now certainly in the restrictive territory,” the head of Croatia’s central bank told Bloomberg TV in an interview on the sidelines of the Federal Reserve Bank of Kansas City’s annual symposium in Jackson Hole, Wyoming.
ECB officials are considering pausing their toughest ever monetary-tightening campaign after raising borrowing costs to 3.75% from -0.5% in a little more than a year. While the data suggest that economic activity is cooling, “we don’t see that much of it in the inflation rates,” Vujcic said. The question for the coming months will be whether services inflation eases sufficiently and “whether we will feel the consequences of the slowdown in the labor market.”
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