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ECB Could Raise Rates Above 3.5%, Hold Them There, Official Says
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BERLIN—The European Central Bank could increase interest rates above 3.5% and likely won’t cut them again this year as the bank moves forcefully to bring inflation back to target, a top ECB official said.
The ECB raised its key rate to 2.5% this month, the highest level since 2008, and said it intends to raise rates to 3% next month. The eurozone economy looks set to avoid recession this year and employment grew robustly at the end of last year, while underlying inflation is at a record high. Investors expect the ECB to lift rates to a peak of 3.5% by July, before starting to cut them again later this year or early next year.
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