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☆ Here's what 12 European Central Bank members said about interest rates this week
▼ + stars: | 2024-04-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

The ECB opted to hold rates steady in April and next meets to vote on monetary policy on June 6. Christine Lagarde, president of the ECBThe ECB's figurehead delivered a firm message that reflected her statements in recent press conferences: markets should expect an interest rate cut soon, barring major surprises. watch nowGabriel Makhlouf, governor of the Central Bank of IrelandMakhlouf said the most recent data sets had shifted his view on rates. "We don't follow the Fed... and now the ECB will be the central bank to be followed," Šimkus said. One could have cut rates way back in March or even April," he continued, adding that he hoped a majority of Governing Council members would back a June cut.

Persons: Kirill Kudryavtsev, Christine Lagarde, Lagarde, CNBC's Sara Eisen, Galhau, Villeroy, Karen Tso, Joachim Nagel, Germany's, Nagel, Robert Holzmann, Mario Centeno, Centeno, Gabriel Makhlouf, Central Bank of Ireland Makhlouf, we've, Makhlouf, Pierre Wunsch, Wunsch, Boris Vujčić, Jerome Powell, Vujčić, Gediminas Šimkus, Bank of Lithuania Šimkus, Šimkus, Edward Scicluna, Central Bank of Malta Scicluna, Kazāks, Bank of Latvia Kazāks, Olli Rehn, Rehn Organizations: Afp, Getty, International, European Central Bank, CNBC, ECB, Bank of France, Council, Austrian Central Bank One, Bank of Portugal, Central Bank of Ireland, National Bank of, Croatian National Bank, Federal, U.S, Bank of Lithuania, Central Bank of, Governing, Bank of Locations: Frankfurt, Germany, New York, ECB's, National Bank of Belgium, U.S, Europe, Central Bank of Malta, Bank of Latvia, Bank of Finland

☆ Top economists unanimous on 'higher for longer' rates as inflation threats linger
▼ + stars: | 2023-10-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Pedestrians walk past a billboard announcing the World Bank Group and International Monetary Fund annual meetings, on the side of the International Monetary Fund headquarters in Washington DC on October 5, 2023. Mandel Ngan | Afp | Getty ImagesTop economists and central bankers appear to be in agreement on one thing: interest rates will stay higher for longer, clouding the outlook for global markets. Despite the pause, Fed officials have signaled that rates may have to remain higher for longer than markets had initially expected if inflation is to sustainably return to the central bank's 2% target. The European Central Bank last month issued a 10th consecutive interest rate hike to take its main deposit facility to a record 4% despite signs of a weakening euro zone economy. "We may have more shocks that may drive inflation up, and that's why of course we have to remain very cautious about inflation developments."

Persons: Mandel Ngan, Ajay Banga, Greg Guyett, Guyett, Boris Vujčić, Vujčić, Mārtiņš Kazāks, CNBC's Joumanna Bercetche, Silvia Amaro, Austrian National Bank Governor Robert Holzmann Organizations: World Bank Group, International Monetary Fund, Washington DC, Afp, Getty, U.S . Federal Reserve, World Bank, IMF, Bank, Labor Department, U.S ., HSBC, CNBC, European Central Bank, Council, Croatian National Bank, U.S, Bank of Latvia, ECB, Governing Council, Austrian National Bank Governor Locations: Washington, Central, U.S, Marrakech, Morocco, ECB's, Europe, Marrakech ., Israel

☆ CNBC Daily Open: Big banks’ big profits aren’t likely to last
▼ + stars: | 2023-10-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Separately, Mārtiņš Kazāks, one of the European Central Bank's more hawkish members, told CNBC he was "quite happy" with current rate levels. The bank's third-quarter earnings rocketed 60% and revenue rose 6.5% from a year earlier, boosting its shares by 3.07%. Wall Street banks like Goldman Sachs and Bank of America report earnings Tuesday, followed by regional banks — and Morgan Stanley — on Wednesday.

Persons: Mārtiņš Kazāks, Jamie Dimon, we're, Wells, Wells Fargo, Goldman Sachs, Morgan Stanley — Organizations: CNBC, Dow Jones, European, JPMorgan JPMorgan Chase's, Citigroup, Wells Fargo, Wall, U.S . West Texas Intermediate, Brent, International Energy Agency, Bank of America Locations: Israel, —

☆ ECB hawk Kazāks 'happy' with rates at current levels
▼ + stars: | 2023-10-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB hawk Kazāks 'happy' with rates at current levelsMārtiņš Kazāks, governor of Latvia's central bank, discusses European Central Bank hikes and what "higher for longer" means.

Persons: Kazāks Organizations: ECB, European Central Bank Locations: Latvia's

☆ ECB policymakers eye springtime push to cut payments on banks' deposits, sources say
▼ + stars: | 2023-10-13 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

MARRAKECH, Oct 13 (Reuters) - European Central Bank policymakers are planning a springtime push to cut interest payments made to commercial banks, in part to recoup some of the costs associated with a decade worth of stimulus, sources familiar with discussions said. That would mean overall interest payments to lenders - which still earn the ECB deposit rate, currently 4%, on other excess cash parked with the central bank - would be reduced further. But the ECB rejected the proposal in July, partly on resistance from its Executive Board, the sources said. The board's key argument is that excess liquidity is distributed unevenly across the euro zone and raising the ratio would put an excessive burden on smaller banks with a larger portion of deposits. Deutsche Bank CEO Christian Sewing argued that the change would add to banks' financial burdens and restrict their lending options.

Persons: Bundesbank, Joachim Nagel, Robert Holzmann, Latvia's Martin Kazaks, Isabel Schnabel, Austria's Holzmann, France's Francois Villeroy de, Pierre Wunsch, We're, Schnabel, Deutsche Bank CEO Christian Sewing, Tom Sims, John Stonestreet Organizations: Central Bank, ECB, Austrian, Barclays, Deutsche Bank CEO Christian, Thomson Locations: MARRAKECH

☆ ECB rate pause now may be too early: policymaker
▼ + stars: | 2023-08-26 | by ( Balazs Koranyi | ) www.reuters.com time to read: +3 min

JACKSON HOLE, Wyoming, Aug 26 (Reuters) - It may be too early for the European Central Bank to pause interest rate hikes now as an early stop in the fight against inflation could force the bank to exert even more pain on the economy later, Latvian policymaker Martins Kazaks said on Saturday. The ECB has raised rates at each of its past nine meetings to arrest runaway inflation but policymakers are now contemplating a pause as recession risks loom, inflation slows and wage growth remains moderate. ECB projections currently see inflation returning to its 2% target only in late 2025 and Kazaks argued this was too late. Once rates peak, a plateau should be held for some time and the ECB should only start cutting rates when projections start showing inflation was at risk of coming back below 2%. Markets see a rate cut only in the second half of 2024 and Kazaks said he did not consider this inconsistent with the macroeconomic outlook.

Persons: JACKSON, Martins Kazaks, Kazaks, Balazs Koranyi, Marguerita Choy Organizations: European Central Bank, ECB, Reuters, Industry, Thomson Locations: , Wyoming, Latvian, Jackson Hole , Wyoming

☆ US stock futures tip lower, yen stumbles and euro shines
▼ + stars: | 2023-06-28 | by ( Nell Mackenzie | ) www.reuters.com time to read: +4 min

“Maybe we’ll see some successes on inflation here and there, but it just won’t be enough,” said Rossiter. European inflation and rate hike hints from the Portugal meeting were also a focus for Tim Graf, head of EMEA macro strategy at State Street Global Advisors. “Recession probability models in the U.S. project a 55-70% to 65-70% probability we’ll get a recession in the next 12 months. Markets imply a 90% probability of an ECB rate hike to 3.75% in July and a peak around 4.0%. That underpinned the euro against the dollar at $1.095, while keeping it near a 15-year peak of 157.98 yen.

Persons: Jerome Powell, Kim Kyung, Christine Lagarde, Kazuo Ueda, ”, James Rossiter, Rossiter, Martins Kazaks, Tim Graf, they’re, we’ve, it’s, Graf, Masato Kanda, Brent Organizations: Federal, National Printing Bureau, Bank of Japan, REUTERS, Nvidia, Wall Street Journal, Commerce Department, Treasury, European Central Bank, TD Securities, ECB, Street Global Advisors, U.S . Locations: China, Tokyo, Japan, Portugal, “, Europe, London, U.S

European equity markets climbed on Wednesday after tentatively breaking their losing streak at the end of Tuesday's session. The pan-European Stoxx 600 was up 0.5% in early trade, with construction and material stocks adding 1% to lead gains as all sectors and major bourses advanced. Speaking Tuesday, European Central Bank President Christine Lagarde said inflation was still too high in the euro area and it was too soon to "declare victory" on sticky high prices. ECB Governing Council member Mārtiņš Kazāks told CNBC that markets were mistaken in thinking rates will fall quickly and said he believed "next year is way too early" to think about cuts. He said loosened monetary policy should not come until inflation is "significantly and persistently" below the 2% target.

Persons: Christine Lagarde, Mārtiņš Kazāks Organizations: European Central Bank, ECB, CNBC Locations: Germany, Spain, U.S, Asia, Pacific, Australia, China

Finance Minister Shunichi Suzuki said on Tuesday: "We will closely watch currency market moves with a strong sense of urgency and will respond appropriately if the moves become excessive." Japan intervened to boost the yen last year when it weakened past the 145 per dollar level. "Euro-dollar is a bit stronger this morning, we had probably a bit of help from hawkish ECB (European Central Bank) comments this morning," said ING's Pesole. Latvian central bank governor and ECB official Martins Kazaks said in Portugal on Tuesday that the central bank will likely keep hiking interest rates after July. China's central bank set its daily yuan fixing stronger than market expectations for a second day in a row on Tuesday.

Persons: paring, Shunichi Suzuki, Francesco Pesole, ING's Pesole, Martins Kazaks, Kazaks, Christine Lagarde, Jerome Powell, Andrew Bailey, Kazuo Ueda, Lagarde, Vladimir Putin, Wagner, Sterling, Harry Robertson, Rocky Swift, Barbara Lewis, Conor Humphries, Chizu Organizations: Central, . Finance, Bank of Japan, ING, hawkish ECB, European Central Bank, ECB, Federal, Bank of England, Wednesday, Thomson Locations: TOKYO, Japan, Sintra, Portugal, Latvian, Russian, China, China's, London, Tokyo

☆ ECB's Kazaks sees rate hikes past July even as economy softens
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +3 min

SINTRA, Portugal, June 27 (Reuters) - The European Central Bank will likely keep raising interest rates after its next meeting even as the economy slows because inflation remains too high, ECB policymaker Martins Kazaks said on Tuesday. But Kazaks, the Latvian central bank governor, said he expected the euro zone economy to simply slow or stagnate, rather than contract, and this should not stop the ECB in its fight against high inflation. "I think rates will need to be raised past July but when and by how much will be data dependent." But Kazaks pushed back against market bets on rate cuts by the ECB in the first half of next year. "And not at the end of the forecast period but towards the middle of the forecast period."

Persons: ECB policymaker Martins Kazaks, Kazaks, we’ll, Francesco Canepa, Shri Navaratnam Organizations: European Central Bank, ECB policymaker, ECB, Reuters, Thomson Locations: SINTRA, Portugal, Germany, Latvian, ECB's

Her comments were echoed by others who feel the narrative shared by three top central banks of relatively cost-free disinflation rests on shaky ground. Among the Fed, ECB and BoE, only the British central bank projects a recession will be needed to slow inflation - only a mild one at that. U.S. central bank officials have split the difference, projecting a modest one-percentage-point rise in the unemployment rate this year from its near-historic low of 3.5%, and slow, but continued, economic growth. Martins Kazaks, Latvia's central bank chief, said the risk of a recession was still "non-trivial," with a host of factors still putting pressure on prices. For the Fed, different policymakers offer different ideas about the forces that will lower inflation as high interest rates slowly cool demand.

☆ Exclusive: Calls grow for quick end to ECB bond-scheme reinvestment
▼ + stars: | 2023-04-14 | by ( Balazs Koranyi | ) www.reuters.com time to read: +3 min

It is already letting 15 billion euros worth of these bonds expire each month. The sources said the ECB should not implement a hard stop, however, and could stay flexible to react to episodes like last month's banking sector volatility. But when markets are calm, like now, the ECB should let all maturing debt expire, they said. Redemptions fluctuate but about 148 billion euros' worth of debt expires in the second half of the year, so a full reinvestment stop would see an extra 58 billion euros' worth of maturities on top of the currently scheduled 15 billion euros per month. The sources said that once these reinvestments end, the next discussion would be about reinvestments in the 1.68 trillion euro Pandemic Emergency Purchase Programme, which are set to continue until the end of 2024.

☆ Banking crisis forces ECB policymakers to rethink rate hikes, but focus still firmly on inflation
▼ + stars: | 2023-04-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

A sign for the European Central Bank (ECB) outside the bank's headquarters in Frankfurt, Germany, on Thursday, Feb. 2, 2023. Alex Kraus | Bloomberg | Getty ImagesEuropean Central Bank policymakers are reconsidering the path of interest rate hikes in light of last month's banking turmoil, but remain committed to reining in core inflation. However core inflation — which excludes volatile energy, food, alcohol and tobacco prices — rose to an all-time high of 5.7%. But he said policymakers will be examining the data for signs that core inflation is coming down and the bank's medium-term inflation target of 2% is within sight. So yes we are worried about the core inflation not yet peaking," Scicluna said.

☆ ECB’s Kazaks says risk of not doing enough to tackle inflation is higher than doing too much
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB’s Kazaks says risk of not doing enough to tackle inflation is higher than doing too muchMartins Kazaks, governor of the central Bank of Latvia and ECB policymaker, shares his views on the fight against inflation and says more interest hikes will be necessary.

☆ ECB's Kazaks pushes back on rate cut bets as core prices rise
▼ + stars: | 2023-01-13 | by ( Francesco Canepa | ) www.reuters.com time to read: +2 min

Euro zone inflation tumbled to 9.2% last month, largely thanks to lower energy prices and a one-off subsidy in Germany, but underlying price pressures continued to rise. Kazaks said core inflation, which excludes food and energy, was the measure to watch. "It is possible for core inflation to continue trending up even as headline inflation is coming down, for instance, due to swings in energy prices," he said. "In my view, core inflation currently is a key gauge for inflation persistence and policy decisions." Finnish central bank chief Olli Rehn and Spain's Pablo Hernandez de Dos have also called on the ECB to raise rates "significantly" over its coming meetings.

☆ ECB can't just mirror Fed moves, Lagarde says
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Nov 3 (Reuters) - The European Central Bank must be attentive to policy decisions by the U.S. Federal Reserve, which influence global markets, but cannot just mirror its moves, ECB President Christine Lagarde said on Thursday after the Fed guided for more rate hikes. But Lagarde said the ECB, which itself raised rates by 75 basis points last week, could not simply mimic the Fed because economic conditions were different in the 19-country euro zone - a point underscored earlier by ECB board member Fabio Panetta. Lagarde conceded the ECB was "influenced by the consequences" of Fed action through financial markets and especially the euro's exchange rate, which was falling against the U.S. dollar on Thursday. "Clearly the exchange rate matters and has to be taken into account in our inflation projections," Lagarde said. He was echoed by Portuguese central bank governor Mario Centeno, who said in an interview the ECB had already completed a large part of the rate hikes it sees as needed.

☆ Morning Bid: Dysfunction and intervention
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +5 min

Amid all the chaos in British bond markets, the forced intervention by the Bank of England to buy gilts has given some investors a crumb of comfort about the limits of central bank tightening. Cold comfort maybe, but enough to drag bond yields back and lift stocks briefly around the world. While 30-year gilt yields steadied just below 4% on Thursday after their 100bp swoon the previous day, the pound was sliding again and UK midcap stocks dropped. read moreEasing inflation in Spain was better news read more . Market leader Inditex (ITX.MC), the owner of Zara, slipped 2.2%, while the wider STOXX retailers index <.SXRP> slid 4.3%.

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