ECB’s Holzmann expects more rate hikes to fight dogged inflation
Inflation in the euro zone is proving tougher to crack than expected and the European Central Bank will likely need to raise interest rates further, possibly above 4%, Austrian central bank chief Robert Holzmann said on Saturday. “Inflation is proving much tougher than thought,” Holzmann, a member of the ECB’s policymaking Governing Council, told ORF 1 radio. “I do expect some more interest rate hikes,” he said, adding that the extent of further increases would be data-dependent. Asked how high interest rates could go, after the ECB raised its benchmark refinancing rate to 3.50% on Thursday, he said: “Some of us
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