{"id":2241,"date":"2023-07-03T11:54:09","date_gmt":"2023-07-03T10:54:09","guid":{"rendered":"https:\/\/hcfx.sofyma.com\/?p=2241"},"modified":"2023-07-03T11:54:10","modified_gmt":"2023-07-03T10:54:10","slug":"third-day-of-ecb-symposium-update","status":"publish","type":"post","link":"https:\/\/hamiltoncourtfx.com\/es\/third-day-of-ecb-symposium-update\/","title":{"rendered":"Third Day of ECB Symposium Update"},"content":{"rendered":"
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Monetary Policy<\/h2>\n <\/div>\n
\n

Powell:<\/span><\/strong> \u201cAlthough policy is restrictive, it may not be restrictive enough and it has not been restrictive for long enough\u201d.\u201cStrong majority for two more rate hikes in dot plot\u201d.
\nComments follow FOMC\u2019s pause on 14 June, leaving fed funds target rate at 5\u20135.25%.<\/p>\n

Lagarde:<\/span><\/strong> \u201cIf the baseline stands, we know we will likely hike again in July\u201d. Frankfurt not currently considering rate pause and rejecting market projections of H1 2024 cut.<\/p>\n

Bailey:<\/span><\/strong> \u201c[Markets] have a number of further increases priced in for us, and my response to that would be, well we will see\u201d.
\nComments come as money markets price in implied terminal rate of 6.09%.
\nBailey on BoE\u2019s 50bps Rate Hike on 22 June: \u201cThe cumulative data – both particularly on the labour market and on the inflation release we had, which to us showed clear signs of persistence – caused us to conclude that we had to make really quite a
\nstrong move”.<\/p>\n

Ueda:<\/span><\/strong> Ready to adjust policy, potentially as soon as this year.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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Inflation<\/h2>\n <\/div>\n
\n

Lagarde:<\/span><\/strong> \u201cWe are not seeing enough tangible evidence of falling underlying inflation”.
\nComments come as Eurozone core inflation is just 40bps down from all-time peak.<\/p>\n

Powell:<\/span><\/strong> \u201cInflation proved to be more persistent than expected\u201d.<\/p>\n

Bailey:<\/span><\/strong> \u201cIt\u2019s core that\u2019s the issue, it\u2019s much stickier\u201d.
\nComments come as core inflation in the UK is now at its highest level since 1992.<\/p>\n

Ueda:<\/span><\/strong> \u201cWe are seeing signs of inflation expectations rising but they are not fully in line with the inflation target”.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n\n

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Growth<\/h2>\n <\/div>\n
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Bailey:<\/span><\/strong> \u201cUK economy turned out to be much more resilient\u201d.<\/p>\n

Powell:<\/span><\/strong> \u201cThe economy is resilient and still growing, albeit at a modest pace\u201d.<\/p>\n

Lagarde:<\/span><\/strong> \u201cManufacturing does not give great hope for a strong recovery\u201d.<\/p>\n <\/div>\n <\/div>\n <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

Central Bank Policy Makers Meet in Sintra, Portugal for Third
\nDay of ECB Symposium & Powell, Bailey, Ueda and Lagarde Share Centre Stage To Discuss
\nFinancial Conditions<\/p>","protected":false},"author":15,"featured_media":2262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"rp-language":[16],"class_list":["post-2241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-updates","rp-language-en_gb"],"_links":{"self":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/2241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/comments?post=2241"}],"version-history":[{"count":26,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/2241\/revisions"}],"predecessor-version":[{"id":2268,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/posts\/2241\/revisions\/2268"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/media\/2262"}],"wp:attachment":[{"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/media?parent=2241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/categories?post=2241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/tags?post=2241"},{"taxonomy":"rp-language","embeddable":true,"href":"https:\/\/hamiltoncourtfx.com\/es\/wp-json\/wp\/v2\/rp-language?post=2241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}