ECB raises interest rates by 25 basis points; reiterates it will be data dependent on future hikes
The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will be increased to 4.25%, 4.50% and 3.75% respectively, the central bank said.“The developments since the last meeting support the expectation that inflation will drop further over the remainder of the year but will stay above target for an extended period. While some measures show signs of easing, underlying inflation remains high overall.
“The Governing Council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction. In particular, its interest rate decisions will continue to be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission,” the central bank added.
The gold market is not seeing much reaction to the widely anticipated move from the ECB. August gold futures last traded at $1,977.20 an ounce, up 0.36% on the day.
France Dernières Nouvelles, France Actualités
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