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☆ ECB would be justified in cutting further despite price pressures, former vice president says
  + stars: | 2024-06-06 | 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 would be justified in cutting further despite price pressures, former vice president saysVitor Constâncio, former vice-president of the European Central Bank, said the recent moderation in wage growth and the weakness of the euro zone economy make the case for further rate cuts in 2024.
Persons: Vitor Constâncio Organizations: ECB, European Central Bank
☆ 'A financial banana republic': UBS-Credit Suisse deal puts Switzerland's reputation on the line
  + stars: | 2023-03-21 | by ( Sam Meredith | ) www.cnbc.com   time to read: +4 min
Fabrice Coffrini | Afp | Getty Imageswatch now"The Credit Suisse debacle will have serious ramifications for other Swiss financial institutions. A country-wide reputation with prudent financial management, sound regulatory oversight, and, frankly, for being somewhat dour and boring regarding investments, has been wiped away," Marenzi said. Credit Suisse traded up 3.5% during afternoon deals after ending Monday's session down a whopping 55%. Credit Suisse bond wipeoutUnder the terms of the emergency takeover, investors in Credit Suisse's additional tier-one bonds — widely regarded as a relatively risky investment — will see the value of their holdings slashed to zero. One euro was last seen trading at 0.9961 Swiss francs, weakening from 0.9810 when compared with March 14.
☆ ECB rate hike plans clouded by financial turmoil
  + stars: | 2023-03-15 | by ( Balazs Koranyi Francesco Canepa | Balazs Koranyi | Francesco Canepa | ) www.reuters.com   time to read: +5 min
Summary ECB signalled 50 bps hikeMarkets doubt its resolve and price 25 bpsFinancial turmoil seen derailing rate hike plansInflation to stay above target through 2025FRANKFURT, March 16 (Reuters) - European Central Bank policymakers are meeting on Thursday amidst turmoil in financial markets that could force it to divert from plans for another hefty interest rate hike even though inflation remains too high. Now the ECB must reconcile its inflation-fighting credibility with the need to maintain financial stability in the face of overwhelmingly imported turmoil. Complicating its task, the central bank for the 20 countries that use the euro currency has essentially already committed to a 50 basis point increase on Thursday. Money market pricing suggests that investors now see just a 30% chance of a 50 basis point increase, down from as high as 90% early on Wednesday. The peak ECB rate, also known as terminal rate, is now seen at only around 3.25%, down from 4.1% last week, an exceptional reversal in market pricing.
☆ ECB slows rate hikes but pledges more to keep up inflation fight
  + stars: | 2022-12-15 | by ( Francesco Canepa Balazs Koranyi | Francesco Canepa | Balazs Koranyi | ) www.reuters.com   time to read: +5 min
After being wrong-footed by sudden price rises, the ECB has been raising rates at an unprecedented pace. Inflation has soared since economies reopened after the COVID-19 pandemic, driven by supply bottlenecks and then surging energy costs following Russia's invasion of Ukraine. Justifying Lagarde's pledge for more hikes, the ECB's new projections on Thursday showed inflation above the ECB's 2% target through 2025. [1/2] Signage is seen outside the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. The ECB also said it currently expected any recession to be "relatively short-lived and shallow" and Lagarde noted that euro unemployment levels were at "rock-bottom".
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