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ECB’s Schnabel claimed the Bank would raise rates but was cautious about the timing

Schnabel spoke publicly at an event in northern Italy on Saturday. She really didn’t provide much certainty on the “when” question.

It’s too early to do that, to be fair to her.

  • “We will raise interest rates sometime thereafter, if appropriate, in light of incoming data,”
  • “The speed of normalization (…) will depend on the economic fallout from the war, the severity of the inflationary shock and its persistence,”
  • said inflation risk was skewed toward even higher readings given the sharp rise in producer prices, structural economic changes like deglobalization and likely wage hikes

Info via a Reuters report over the weekend.

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