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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

☆ ECB policymaker says he's expecting 'about three' interest rate cuts this year
▼ + stars: | 2024-04-18 | 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 policymaker says he's expecting 'about three' interest rate cuts this yearGediminas Šimkus , governor of the Bank of Lithuania and ECB policymaker, joins Karen Tso from the IMF Spring Meetings to discuss the rate cuts he expects this year.

Persons: he's, Gediminas Šimkus, Karen Tso Organizations: ECB, Bank of Lithuania, ECB policymaker

☆ ECB's Simkus says at least one more rate hike needed
▼ + stars: | 2023-06-26 | 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 Simkus says at least one more rate hike neededEuropean Central Bank Governing Council member Gediminas Simkus tells CNBC that he expects a rate hike in July and would not be surprised to discuss another in September, but the economic outlook is positive.

Persons: Simkus, Gediminas Simkus Organizations: Central Bank Governing, CNBC

☆ ECB policymakers line up behind rate hike plans
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

Underlying inflation eased to 5.3% in May, but a big chunk of the drop was due to a one-off administrative discount in German transport prices. Wunsch has said in the past that the ECB's deposit rate could hit 4% if underlying inflation did not moderate. Joining the chorus behind rate hikes, Estonian central bank chief Madis Muller said more rate action is needed. "Euro zone interest rates have not yet peaked," Muller said in a statement. "The ultimate goal is clear for the central bank - we need to quickly get the price rise under control."

Persons: Joachim Nagel, Pierre Wunsch, Wunsch, Austria's Robert Holzmann, Gediminas Simkus, Madis Muller, " Muller, Balazs Koranyi, Andrius Sytas, Julia Payne, Francois Murphy, Terje Solsvik, Alex Richardson, Toby Chopra, Jan Harvey Organizations: Central Bank, ECB, Thomson Locations: FRANKFURT, Belgian, U.S, Estonian

☆ ECB policymakers promise more hikes to beat inflation
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +3 min

"The essence of the effort has been done, although there will probably be a few more rate hikes," Villeroy told French broadcaster Radio Classique. Villeroy explained Thursday's smaller rate increase by saying higher rates were beginning to have an effect on inflation. And two ECB surveys also published on Friday showed economists had cut their inflation forecasts for this year and the next - to 5.6% and 2.6% respectively - and that companies were moderating the pace of price hikes. The ECB aims to bring inflation back to 2% by 2025, "maybe even by the end of 2024", he added. "We will keep rates high for a sufficiently long time to get inflation back to 2%," the Lithuanian central bank chief said.

☆ Stickiness of euro zone core inflation is concerning, Bank of Lithuania's chairman says
▼ + stars: | 2023-04-14 | 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 EmailStickiness of euro zone core inflation is concerning, Bank of Lithuania's chairman saysGediminas Šimkus, chairman of the Bank of Lithuania, discusses the outlook for the euro zone economy, including inflation, which he says is "stickier than many people expected" and has not yet peaked.

☆ 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.

☆ Explainer: Oil price surge changes ECB narrative only at the margins
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +4 min

The following examines how higher crude prices - which jumped around 5.5% on Monday following the OPEC+ decision - could impact ECB policy. IS AN OIL PRICE SURGE INFLATIONARY? Part of the issue is that high energy prices slow growth further out and thus become deflationary because they reduce households' and businesses' purchasing power. "The case for more ECB rate hikes is still intact," UniCredit said in a note. If high energy prices spook the Fed, rate-cut bets will unwind and push up the dollar.

"I am very well aware of the delicacy of the situation ... but we are not yet at the finish line." Fellow hawk Simkus also told reporters in Vilnius he believed that Thursday's "was not the last rate hike". But neither policymaker made a case for a rate increase as soon as the next ECB meeting, and Kazimir said it was useless to speculate about the May 4 decision. French central bank governor Francois Villeroy de Galhau said the hike reflected the ECB's inflation-fighting priorities and signalled confidence in the solidity of European banks. "There are risks to inflation on both sides, but in my view, upward risks are much greater," he said.

☆ Lithuania aims to raise $539 mln from temporary windfall tax on banks
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

VILNIUS, March 9 (Reuters) - Lithuania's finance minister proposed on Thursday a temporary windfall tax on bank profits, aiming to raise an estimated 510 million euros ($538.7 million) over a two-year period. "In large part, the policy of banks has no influence on the profits, they are due to exceptional circumstances, and are probably surprising to banks themselves," Skaiste said. The government and the central bank had previously said Lithuania was contemplating a windfall tax on the banking industry, but had not said how much this could raise. The government's proposal would impose a two-year tax of 60% on the part of a bank's interest income that is more than 50% higher than a four-year average, Skaiste said. Two Swedish-owned groups hold more than half of Lithuania's banking assets, Swedbank (SWEDa.ST), whose 2022 profits increased by 64% to 148 million euros, and SEB (SEBa.ST), whose profits were up 49% to 172 million euros.

☆ Factbox: Key ECB policymaker comments since Feb rate hike
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +4 min

By smoothing our policy rate hikes – that is, moving in small steps – we can ensure that we calibrate (policy) more precisely. Boris Vujcic, Croatian central bank governor, Feb. 10"I would agree that we are likely to see more rate action beyond March." Joachim Nagel, German central bank chief, Feb. 7"From where I stand today we need further, significant rate hikes." Pierre Wunsch, Belgian central bank chief, Feb. 3"I don’t think we're going to move from 50 basis points (in March) to zero. Gediminas Simkus, Lithuanian central bank chief, Feb. 3"The March rate hike is not the last one.

☆ Lithuania may tax windfall bank profits, boost defence spending
▼ + stars: | 2023-02-06 | by ( Andrius Sytas | ) www.reuters.com time to read: +2 min

[1/2] Czech Finance Minister Zbynek Stanjura speaks with Lithuania's Finance Minister Gintare Skaiste at the European Union finance ministers meeting in Brussels, Belgium, July 12, 2022. "This is a critical situation, we are in an environment of high rates, so unexpected profits are appearing," central bank Governor Gediminas Simkus told a news conference. "The war in Ukraine and countries' reactions to it led to the high liquidity and high rates. The invasion also leads to more defence spending, so if we tax the windfall, the income would be used for defence", Skaiste told reporters. The neighbour of Russia had so far budgeted 2023 defence spending at 1.8 billion euros ($1.9 billion), or 2.52% of its gross domestic product.

☆ ECB set to raise rates again in May, policymakers say
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

While neither would specify where rate hikes could end, Simkus said the ECB could be approaching a peak. "I think that we are already moving towards that terminal rate." Indeed, analysts polled by the ECB expect the euro zone central bank to eventually conquer inflation - but not for another two years. Markets currently price the terminal rate at 3.35%, suggesting that some investors see just a 25-bp move after the already signalled March move, while others see 50. Companies surveyed by the central bank were planning to raise prices at a slower pace and with less conviction.

☆ Analysis: East Europeans count their pennies for Christmas as food costs soar
▼ + stars: | 2022-12-07 | by ( Krisztina Than | ) www.reuters.com time to read: +6 min

Food prices in Hungary were a staggering 45.2% higher in October than a year earlier, Eurostat data shows, with 10 countries in the EU's east facing food price inflation of more than 20%. The cost of food was 33.3% higher in Lithuania and up 30% in Latvia compared to October 2021. read moreCzech headline inflation slowed to 15.1% in October but food prices grew, while in Poland food and non-alcoholic beverages inflation was 22.3% in November, well ahead of overall CPI at 17.4%. Inflation in Hungary is expected to start a very slow decline in the first half of next year. "There are still no durable signs that the inflation dynamics are improving in Hungary," Goldman Sachs has said.

☆ Recession risk looms large over euro zone, ECB policymaker says
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

VILNIUS, Oct 28 (Reuters) - The likelihood of a euro zone recession is rising but the European Central Bank needs to keep raising interest rates as inflation remains high and projections may even need to be raised, Lithuanian policymaker Gediminas Simkus said on Friday. "It seems they will be revised upwards again, especially for next year," said Simkus, who sits on the rate-setting Governing Council. Simkus also suggested that growth forecasts may need to be cut to account for a recession, as the bloc struggles with sky high energy costs. "The likelihood that the euro zone enters a technical recession has grown," Simkus said. The ECB currently reinvests all cash from bonds maturing in the scheme and the expectation is that instead of outright bond sales, the ECB would wind down the debt pile by not reinvesting all funds.

☆ ECB policymakers stick with hike plans even as recession looms
▼ + stars: | 2022-10-28 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

[1/2] Signage is seen outside the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. But policymakers on Friday appeared to be on message that rates will keep going up. Investors now see ECB rates peaking at around 2.75%, above levels near 2.5% seen on Thursday after the ECB's rate hike and language tweaks. RECESSIONThe policymakers' reinforcement of the rate hike message comes as a recession now looks almost certain, and will likely prompt a barrage of further criticism from European leaders. But ECB chief Christine Lagarde pushed back on the criticism on Thursday, arguing that breaking inflation was the ECB's chief mission and governments could help by providing targeted support for the most vulnerable.

☆ ECB must take 'bold actions' to tackle soaring inflation, official says
▼ + stars: | 2022-10-12 | 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 must take 'bold actions' to tackle soaring inflation, official saysGediminas Simkus, chairman of the Bank of Lithuania, said inflation in the euro area is "intensifying" above medium-term targets from the European Central Bank.

Strengthening the case for another 75 basis point increase, German inflation jumped to 10.9% this month, far beyond expectations for a reading of 10%. "There is no easing in sight, and next year the inflation rate is only likely to fall because energy prices are unlikely to rise again as strongly as this year, partly due to government intervention," Commerzbank economist Ralph Solveen said of the German inflation figures. While few governors ventured to estimate where interest rate hikes could end, de Cos said that models suggest a significantly lower terminal rate than markets now expect. "On the basis of current information, the median terminal rate value across models is at 2.25%-2.50%," de Cos said. Rate hike talk is intensifying even as recession fears rise.

☆ ECB policymakers back another jumbo hike as inflation rises further
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

VILNIUS, Sept 29 (Reuters) - Four European Central Bank policymakers on Thursday backed another big interest rate hike next month as euro zone inflation looked set for another record high, but they differed on whether it was time to think about mopping up cash from the economy. The ECB has raised rates by a combined 125 basis points over its past two meetings and promised further increases as inflation rises towards 10% and longer-term expectations edge above its 2% target. Strengthening the case for another 75-basis-point increase, data on Thursday showed inflation in Germany's most populous state jumped to 10.1% in September - the most since the early 1950s. Register now for FREE unlimited access to Reuters.com RegisterGermany will publish a nationwide flash estimate for September inflation later on Thursday, with a reading for the 19-country euro zone due on Friday. "My choice would be 75 (basis points)," ECB policymaker Gediminas Simkus told Bloomberg TV on the sidelines of a conference in Vilnius.

☆ 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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