Market Updates
European Markets Extend Six-week Rally, 7th Quarterly Increase In Swiss Production
Bridgette Randall
18 Nov, 2022
Frankfurt
European markets closed higher for the sixth week in a row and investors digested comments from the ECB president and a batch of corporate earnings.
The European Central Bank may have to lift rates high enough to be restrictive for the economy in order to bring down inflation to its target rate, said president Christine Lagarde at a speech.
The ECB lifted interest rates by 200 basis points since July, including back-to-back 75 basis point increases, but the current rates are not restrictive enough to have an impact on inflation.
More rate hikes and the reduction of its 5 trillion euro debt holdings are on the way, said Lagarde.
The central bank is largely reliant on interest rates as its main tool in bringing down 4-decade high inflation but the bank is also struggling with a pile of government holdings that are losing value with the rapid hikes in rates.
"Interest rates are, and will remain, the main tool for adjusting our policy stance," stressed Lagarde.
"We expect to raise rates further
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