2/2, 2:51 PM (Source: TeleTrader)
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Lagarde: ECB to hike rates by another 50 bps in March

European Central Bank (ECB) President Christine Lagarde remarked on Thursday that the institution is planning to raise the key interest rates by another 50 basis points at the Governing Council's next meeting in March.

Speaking at a press conference after the ECB announced another 50 basis points hike, Lagarde reiterated the Governing Council's decision to "stay the course" in raising interest rates "significantly" and at a "steady pace." She added the bank intends to keep them at a level "sufficiently restrictive" in order to return inflation to the target of 2%.

Lagarde noted that the more recent data showed that, despite all the hardships, the Eurozone's economy is "proving more resilient than expected and should recover in the coming quarters." She noted the importance of "rolling" measures introduced to help households cope with the energy prices "back promptly" as the prices stabilize.

Baha Breaking News (BBN) / JR