European Central Bank policymakers are still leaning toward a half-percentage-point rate hike, despite turmoil in the banking sector, as they expect inflation will remain too high in coming years. | Reuters
The new inflation forecasts for the next two years will be lower than in December but still put price growth well above the central bank’s 2% target in 2024 and slightly above it in 2025.Furthermore, forecasts for core inflation, which excludes food and energy prices, were set to be revised higher, emboldening calls for more rate hikes by policy hawks on the ECB’s Governing Council, the source added.
They were likely to push back against committing to further rate increases and say instead that any new move would depend on incoming data. Euro zone supervisors see limited consequences for banks in the region from the collapse of SVB and two other lenders, while stressing the need to watch any further spillover closely.
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