FRANKFURT (Reuters) - European Central Bank policymakers kept a September rate hike on the table when they raised interest rates in July, although some ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSFRANKFURT - European Central Bank policymakers kept a September rate hike on the table when they raised interest rates in July, although some of them argued that another move would be deemed unnecessary when new economic projections were released, the accounts of the meeting showed on Thursday.
"A further rate hike in September would be necessary if there was no convincing evidence that the effect of the cumulative tightening was strong enough to bring underlying inflation down," the accounts of the July 26-27 meeting showed. The accounts acknowledged that underlying inflation could be expected to remain high for an extended period, even if growth was slowing.
"It was argued that it was quite probable that the September ECB staff projections would revise the inflation path sufficiently downwards towards 2%, without the need for another interest rate hike in September," the accounts showed.
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