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ICYMI – ECB April meeting minutes show likely (almost certain) interest rate hike in July


The minutes of the European Central Bank’s April monetary policy meeting were released on Thursday. Justin felt like he was at the tipping point:

The analysis via ING draws the same conclusion:

  • Overall, the minutes confirmed the increasingly hawkish tone of many ECB members since the April meeting. There seems to be a strange feeling that the ECB is acting too late and needs to quickly jump on the bandwagon of monetary policy normalization. This means that the question is no longer whether the ECB should raise interest rates in July but by how much. Former ECB President Mario Draghi once said that “when you’re in a dark room, you move in small steps. You don’t run, you move. There currently seems to be a growing majority at the ECB that does not just want to run but to sprint.

Former European Central Bank head Draghi is now Italian prime minister:

Draghi


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