6/2, 7:15 AM (Source: TeleTrader)
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ECB's Panetta: Now not the time to be hasty on rate hikes

European Central Bank (ECB) Executive Board member Fabio Panetta (pictured left) told Le Monde in an interview posted on Friday that now is not the time to be aiming for sharp interest rate increases.

"We are approaching our cruising altitude and we need to go up more gradually," Panetta stressed, reaffirming that the central bank is yet to reach the end of the rate hiking cycle.

Commenting on the latest euro area inflation print, Panetta noted that although the 6.1% rate is "too high," people shouldn't worry, as ECB remains focused on its goal of bringing the inflation back to 2%. "In less than a year, we have raised interest rates decisively, from -0.5% to 3.25%, and inflation is falling, as confirmed by yesterday’s data," he concluded.

Baha Breaking News (BBN) / AY