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The ECB will take a break to assess the impact of the rate hike


November, 24 2023
watermark Economic news

The head of the European Central Bank, Christine Lagarde, announced the possibility of taking a pause in further tightening of monetary policy in order to assess the impact of the measures already taken. 


Speaking in Frankfurt, Lagarde stressed that the ECB has already actively used various instruments and now it is necessary to analyze their effects on the economy.


Last month, the European regulator left key interest rates at the same level, indicating the need to maintain these rates to reduce inflation in the eurozone to the target level of 2%. Inflation in the eurozone in October reached its lowest in two years (2.9%), and in November it is expected to decline further.


Lagarde noted that, despite a slight contraction of the eurozone economy in the third quarter, a recession is likely to be avoided thanks to the recovery in consumer spending. However, she stressed that «the battle is not over yet.»


At the same time, the ECB leadership, according to the minutes of the last meeting, expressed readiness for new rate hikes if necessary. The head of the Bundesbank, Joachim Nagel, also expressed the opinion that it is important not to rush with policy easing until price stability is achieved. Nevertheless, the market expects that the first ECB rate cut may occur as early as April next year.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.