ECB must raise rates decisively; let bonds expire from start of 2023, Nagel says
Saturday, November 19, 2022
© Reuters. FILE PHOTO: Bundesbank President Joachim Nagel in Koenigswinter, near Bonn, Germany May 20, 2022. REUTERS/Benjamin Westhoff/File Photo FRANKFURT (Reuters) - The European Central Bank must continue to raise interest rates decisively and should start letting its oversized holding of government debt expire from the start of 2023, Bundesbank President Joachim Nagel said on Friday.
The ECB has already raised rates by 200 basis points in three steps this year and put a string of further moves on the table as inflation is now running well into double digits with little hope of a return to its 2% target for years.
"We must resolutely raise our key rates further and adopt a restrictive stance," Nagel, a powerful conservative, or policy hawk, said in a speech. "We cannot stop here. Further decisive steps are necessary."
At 1.5%, the ECB's deposit rate is at the lower end of the commonly accepted, 1.5% to 2% range for the "neutral rate," where it is neither stimulating nor restricting growth.
Markets see a move to 2% in December, then a further rises towards 3% by next spring.
Complementing rate hikes, the ECB needs to start running down the trillion of euros worth of government debt it hoovered up over the past decade, when inflation was still too low.
"We should start reducing the size of our bond holdings at the beginning of next year by no longer fully reinvesting all maturing bonds," Nagel said.
The ECB holds around 5 trillion euros worth of bonds and said it would start talks in December on how and when to run down the 3.3 trillion euros in its Asset Purchase Programme.
Speaking earlier on Friday, ECB chief Christine Lagarde said this run off should be "measured and predictable", a comment suggesting that the decision is about the terms of the wind down and not whether it was necessary.
Leave your comment
APPROVED BROKERS
02-12-2023 16:09:13 (UTC+7)
EUR/USD
1.0883
-0.0003 (-0.03%)
Summary
↑ BuyMoving Avg:
Buy (9)
Sell (3)
Indicators:
Buy (6)
Sell (1)
EUR/USD
1.0883
-0.0003 (-0.03%)
Summary
↑ BuyMoving Avg:
Buy (9)
Sell (3)
Indicators:
Buy (6)
Sell (1)
GBP/USD
1.2711
+0.0089 (+0.71%)
Summary
↑ BuyMoving Avg:
Buy (10)
Sell (2)
Indicators:
Buy (7)
Sell (1)
USD/JPY
146.80
-1.38 (-0.93%)
Summary
SellMoving Avg:
Buy (3)
Sell (9)
Indicators:
Buy (2)
Sell (5)
AUD/USD
0.6673
+0.0068 (+1.03%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (7)
Sell (0)
USD/CAD
1.3497
-0.0065 (-0.48%)
Summary
SellMoving Avg:
Buy (4)
Sell (8)
Indicators:
Buy (2)
Sell (5)
EUR/JPY
159.76
-1.60 (-0.99%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (2)
Sell (4)
EUR/CHF
0.9458
-0.0071 (-0.75%)
Summary
↑ SellMoving Avg:
Buy (5)
Sell (7)
Indicators:
Buy (2)
Sell (6)
Gold Futures
2,073.20
+35.10 (+1.72%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (7)
Sell (0)
Silver Futures
25.490
+0.197 (+0.78%)
Summary
SellMoving Avg:
Buy (1)
Sell (11)
Indicators:
Buy (0)
Sell (0)
Copper Futures
3.9195
+0.0690 (+1.79%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (7)
Sell (0)
Crude Oil WTI Futures
74.38
-1.58 (-2.08%)
Summary
↑ BuyMoving Avg:
Buy (10)
Sell (2)
Indicators:
Buy (5)
Sell (2)
Brent Oil Futures
79.56
-1.30 (-1.61%)
Summary
NeutralMoving Avg:
Buy (10)
Sell (2)
Indicators:
Buy (3)
Sell (5)
Natural Gas Futures
2.777
-0.025 (-0.89%)
Summary
↑ BuyMoving Avg:
Buy (9)
Sell (3)
Indicators:
Buy (6)
Sell (1)
US Coffee C Futures
183.70
-1.00 (-0.54%)
Summary
↑ SellMoving Avg:
Buy (0)
Sell (12)
Indicators:
Buy (2)
Sell (5)
Euro Stoxx 50
4,417.25
+34.78 (+0.79%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (8)
Sell (1)
S&P 500
4,594.63
+26.83 (+0.59%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (10)
Sell (0)
DAX
16,397.52
+182.09 (+1.12%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (7)
Sell (0)
FTSE 100
7,529.35
+75.60 (+1.01%)
Summary
↑ SellMoving Avg:
Buy (3)
Sell (9)
Indicators:
Buy (0)
Sell (10)
Hang Seng
16,847.00
-181.50 (-1.07%)
Summary
SellMoving Avg:
Buy (5)
Sell (7)
Indicators:
Buy (2)
Sell (3)
US Small Cap 2000
1,862.64
+53.62 (+2.96%)
Summary
↑ BuyMoving Avg:
Buy (8)
Sell (4)
Indicators:
Buy (6)
Sell (1)
IBEX 35
10,140.80
+82.60 (+0.82%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (7)
Sell (0)
BASF SE NA O.N.
43.240
+0.555 (+1.30%)
Summary
↑ BuyMoving Avg:
Buy (8)
Sell (4)
Indicators:
Buy (6)
Sell (0)
Bayer AG NA
31.11
-0.25 (-0.80%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (7)
Sell (1)
Allianz SE VNA O.N.
235.25
+4.65 (+2.02%)
Summary
↑ BuyMoving Avg:
Buy (11)
Sell (1)
Indicators:
Buy (10)
Sell (0)
Adidas AG
194.24
+2.10 (+1.09%)
Summary
NeutralMoving Avg:
Buy (6)
Sell (6)
Indicators:
Buy (2)
Sell (5)
Deutsche Lufthansa AG
8.222
+0.242 (+3.03%)
Summary
SellMoving Avg:
Buy (5)
Sell (7)
Indicators:
Buy (3)
Sell (5)
Siemens AG Class N
156.00
+2.00 (+1.30%)
Summary
↑ BuyMoving Avg:
Buy (12)
Sell (0)
Indicators:
Buy (9)
Sell (1)
Deutsche Bank AG
11.520
+0.094 (+0.82%)
Summary
↑ BuyMoving Avg:
Buy (10)
Sell (2)
Indicators:
Buy (10)
Sell (0)
| EUR/USD | 1.0883 | ↑ Buy | |||
| GBP/USD | 1.2711 | ↑ Buy | |||
| USD/JPY | 146.80 | Sell | |||
| AUD/USD | 0.6673 | ↑ Buy | |||
| USD/CAD | 1.3497 | Sell | |||
| EUR/JPY | 159.76 | ↑ Sell | |||
| EUR/CHF | 0.9458 | ↑ Sell |
| Gold | 2,073.20 | ↑ Buy | |||
| Silver | 25.490 | Sell | |||
| Copper | 3.9195 | ↑ Buy | |||
| Crude Oil WTI | 74.38 | ↑ Buy | |||
| Brent Oil | 79.56 | Neutral | |||
| Natural Gas | 2.777 | ↑ Buy | |||
| US Coffee C | 183.70 | ↑ Sell |
| Euro Stoxx 50 | 4,417.25 | ↑ Buy | |||
| S&P 500 | 4,594.63 | ↑ Buy | |||
| DAX | 16,397.52 | ↑ Buy | |||
| FTSE 100 | 7,529.35 | ↑ Sell | |||
| Hang Seng | 16,847.00 | Sell | |||
| Small Cap 2000 | 1,862.64 | ↑ Buy | |||
| IBEX 35 | 10,140.80 | ↑ Buy |
| BASF | 43.240 | ↑ Buy | |||
| Bayer | 31.11 | ↑ Buy | |||
| Allianz | 235.25 | ↑ Buy | |||
| Adidas | 194.24 | Neutral | |||
| Lufthansa | 8.222 | Sell | |||
| Siemens AG | 156.00 | ↑ Buy | |||
| Deutsche Bank AG | 11.520 | ↑ Buy |
| Mua/Bán 1 chỉ SJC # So hôm qua # Chênh TG | |
|---|---|
| SJC Eximbank | 7,220/ 7,320 (0/ 0) # 1,302 |
| SJC HCM | 7,270 / 7,400 (40 / 50) # 1,297 |
| SJC Hanoi | 7,270/ 7,402 (40 / 50) # 1,299 |
| SJC Danang | 7,270/ 7,402 (40 / 50) # 1,299 |
| SJC Nhatrang | 7,270/ 7,402 (40 / 50) # 1,299 |
| SJC Cantho | 7,270/ 7,402 (40 / 50) # 1,299 |
| Cập nhật 02-12-2023 16:09:16 | |
| Xem lịch sử giá vàng SJC: nhấn đây! | |
| ↀ Giá vàng thế giới | ||
|---|---|---|
| $2,072.13 | +32.01 | 1.57% |
| ʘ Giá bán lẻ xăng dầu | ||
|---|---|---|
| Sản phẩm | Vùng 1 | Vùng 2 |
| RON 95-V | 23.680 | 24.150 |
| RON 95-III | 22.990 | 23.440 |
| E5 RON 92-II | 21.790 | 22.220 |
| DO 0.05S | 20.190 | 20.590 |
| DO 0,001S-V | 21.590 | 22.020 |
| Dầu hỏa 2-K | 21.110 | 21.530 |
| ↂ Giá dầu thô thế giới | |||
|---|---|---|---|
| WTI | $74.48 | -0.81 | -0.01% |
| Brent | $79.11 | -0.95 | -0.01% |
| $ Tỷ giá Vietcombank | ||
|---|---|---|
| Ngoại tệ | Mua vào | Bán ra |
| USD | 24.080,00 | 24.450,00 |
| EUR | 25.781,55 | 27.197,16 |
| GBP | 29.888,43 | 31.161,13 |
| JPY | 159,30 | 168,63 |
| KRW | 16,07 | 19,48 |
| Cập nhật lúc 16:02:29 02/12/2023 Xem bảng tỷ giá hối đoái | ||
