ECB’s Holzmann: 50 bps rate hike in July appropriate, inflation to remain above 2.0% in 2023/24

Hawkish leaning European Central Bank (ECB) Governing Council member Robert Holzmann said on Tuesday that a 50 bps rate hike in July would be appropriate and that ending the year with interest rates in positive territory is extremely important, reported Reuters. Euro-area inflation is set to remain above 2.0% in 2023 and 2024, he added, noting that the ECB’s strict forward guidance on rates no longer makes sense. 

His remarks come after ECB Governing Council member and Bank of France head Francois Villeroy de Galhau said that a 50 bps rate hike isn’t in the consensus at the bank earlier in the day. 

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