By Scott Kanowsky
Investing.com – ECB Deputy President Luis de Guindos says the number of ECB rate hikes will depend on the upcoming published economic data.
Speaking at a financial event quoted by Reuters, de Guindos added that as the ECB continues to raise borrowing costs to cool the blistering heat, this will “have an impact on consumer spending and business investment” impact” inflation.
Analysts expect the ECB to raise its deposit rate to 2% by the end of the year from the current level of 1. 25 %.
ECB Chief Economist Philip Lane previously said over the weekend that at 2022 There could be “several” rate hikes for the remainder of the year and the next time period.
Elsewhere on Monday, the Bundesbank warned that German economic growth has slipped and could contract further over the winter. But the Bundesbank said it did not see the 3.2% decline in Europe’s largest economy 2023 as forecast in June.