First rate hike will take place “some time” after end of net asset purchases”Some time” could mean a period of only a few weeksAfter the first rate hike, the normalisation process will be gradualIt looks increasingly unlikely that the disinflationary dynamics of the past decade will returnAs a result, it is appropriate for policy to return to more normal settingsFull speechShe’s not being explicit about it but I would argue that the fact she isn’t denying the more aggressive stance put out by the more hawkish policymakers is rather telling. All signs point towards a July rate hike now surely and inflation data will likely support that. But as for a move back towards zero, that remains to be seen.
ECB’s Lagarde: APP should be concluded early in Q3
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