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ECB has room to raise rates further but should proceed with caution, De Cos says

Thursday, November 17, 2022
ECB has room to raise rates further but should proceed with caution, De Cos says © Reuters. FILE PHOTO: The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016. REUTERS/Ralph Orlowski

MADRID (Reuters) - The European Central Bank still has some way to go in tightening policy but should proceed with caution and calculate with a greater chance of a recession, policymaker Pablo Hernandez de Cos said on Wednesday.

"Given the high degree of uncertainty of the inflation and economic outlook, the specific level that interest rates may have to reach to be consistent with this objective is uncertain, as it is entirely data-dependent and may change over time," De Cos told a financial event in Madrid.

The ECB has increased rates at its fastest pace on record, hiking them by a combined 200 basis points to 1.5% in just three months. Despite the rapid pace, markets still expect the bank to hike rates further to tame sharp, broad-based inflation.

De Cos added that the inflation spike was proving highly persistent, had also broadened and was causing a rapid loss of purchasing power and deteriorating consumer confidence in the euro area.

"Both households and businesses are facing a highly uncertain environment due to the consequences of the war in Ukraine and, in particular, the energy crisis," De Cos said.

The Bank of Spain Governor also said that the balance sheet reduction in the euro area should be "very gradual and predictable".

"It is also essential that balance sheet reductions leave room for action against fragmentation if it reappears, whether either through flexibility in PEPP reinvestments or through activation of the TPI, should this prove justified and necessary," the central banker said.

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02-12-2022 21:10:32 (UTC+7)

EUR/USD

1.047

-0.0052 (-0.49%)

Summary

Neutral

Moving Avg:

Buy (6)

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Indicators:

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EUR/USD

1.047

-0.0052 (-0.49%)

Summary

Neutral

Moving Avg:

Buy (6)

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Indicators:

Buy (4)

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GBP/USD

1.2184

-0.0069 (-0.56%)

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↑ Sell

Moving Avg:

Buy (5)

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Indicators:

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Sell (6)

USD/JPY

135.51

+0.24 (+0.18%)

Summary

Neutral

Moving Avg:

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0.6763

-0.0046 (-0.68%)

Summary

↑ Sell

Moving Avg:

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USD/CAD

1.3472

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141.87

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 EUR/USD1.047Neutral
 GBP/USD1.2184↑ Sell
 USD/JPY135.51Neutral
 AUD/USD0.6763↑ Sell
 USD/CAD1.3472Neutral
 EUR/JPY141.87↑ Buy
 EUR/CHF0.9855↑ Buy
 Gold1,797.40↑ Sell
 Silver22.640↑ Sell
 Copper3.7672↑ Sell
 Crude Oil WTI80.75↑ Sell
 Brent Oil86.44↑ Sell
 Natural Gas6.504↑ Sell
 US Coffee C162.05↑ Sell
 Euro Stoxx 503,963.05↑ Sell
 S&P 5004,076.57↑ Sell
 DAX14,458.95↑ Sell
 FTSE 1007,526.05↑ Sell
 Hang Seng18,675.35↑ Sell
 Small Cap 20001,884.57↑ Buy
 IBEX 358,369.92↑ Sell
 BASF48.12↑ Sell
 Bayer54.78↑ Sell
 Allianz202.38↑ Sell
 Adidas123.41Neutral
 Lufthansa7.688Neutral
 Siemens AG133.45Buy
 Deutsche Bank AG9.969↑ Buy
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Cập nhật lúc 18:54:05 02/12/2022
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