The European Central Bank will be more aggressive than previously thought in its tightening campaign, adding another 50 basis points to its deposit rate on Feb. 2, as it continues its battle against rampant inflation, a Reuters poll found.
Although the euro zone's central bank has been raising rates at its fastest pace on record it has so far failed to bring inflation anywhere near its 2% target. Prices rose 9.2% in December on a year earlier, official data showed last week.
Asked how the risks were skewed to their terminal deposit rate forecasts, over two-thirds of respondents, 23 of 33, said it was more likely it ends higher rather than lower than they currently expect. Although a technical recession was still predicted - with a 0.2% contraction last quarter and 0.3% in the current one - the economy was now expected to grow 0.1% next quarter rather than flatline. It is forecast to expand 0.3% in the following two quarters, unchanged medians showed.
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