Lagarde won over most dissenters but two held out in ECB guidance debate -sources

Friday, July 23, 2021
Lagarde won over most dissenters but two held out in ECB guidance debate -sources © Reuters. FILE PHOTO: European Central Bank (ECB) headquarters building is seen in Frankfurt, Germany, March 7, 2018. REUTERS/Ralph Orlowski/File Photo

FRANKFURT (Reuters) - A significant group of European Central Bank policymakers objected to the new interest rate guidance it gave on Thursday but most were won over and only two -- the German and Belgian central bank chiefs -- held out, four sources told Reuters.

The ECB said after Thursday's meeting that it would not hike borrowing costs until it sees inflation reaching its 2% target "well ahead of the end of its projection horizon and durably", a commitment Bundesbank chief Jens Weidmann and Belgium's Pierre Wunsch objected to.

"It was an unusually robust debate, and a lot more than just two people voiced concerns, but most were eventually won over by (ECB President Christine) Lagarde," one of the sources said.

A third policymaker, who also voiced significant objections, had to leave the meeting early and was not present at the final tally, one of the sources added.

The ECB, the Bundesbank and the National Bank of Belgium all declined to comment.

Those opposing the new guidance argued that it ties the bank's hands for way too long as it would mean no interest rate hike for five years or more. They also said the guidance was convoluted and failed to meet the ECB's goal of simplifying its communication.

Policymakers also held a lengthy discussion on whether the bank should strive for an inflation overshoot of its 2% target and some wanted a reference to "at least 2%" inflation in the official communication.

While policymakers decided against such a formulation, Lagarde still used the "at least 2%" phrase, causing minor annoyance among some policymakers, two of the sources said.

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27-07-2021 19:00:30 (UTC+7)

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 EUR/USD1.1800↑ Buy
 GBP/USD1.3803↑ Buy
 USD/JPY110.13↑ Sell
 AUD/USD0.7365↑ Buy
 USD/CAD1.2569↑ Sell
 EUR/JPY129.95Neutral
 EUR/CHF1.0810↑ Buy
 Gold1,798.85↑ Buy
 Silver25.238Neutral
 Copper4.5545↑ Buy
 Crude Oil WTI71.89↑ Sell
 Brent Oil73.81↑ Sell
 Natural Gas4.043↑ Sell
 US Coffee C208.70Neutral
 Euro Stoxx 504,083.85↑ Sell
 S&P 5004,422.30↑ Buy
 DAX15,550.75↑ Sell
 FTSE 1006,996.45↑ Sell
 Hang Seng25,060.87↑ Buy
 Small Cap 20002,216.03↑ Buy
 IBEX 358,684.00↑ Sell
 BASF67.090↑ Sell
 Bayer50.70Neutral
 Allianz209.65↑ Sell
 Adidas312.81↑ Sell
 Lufthansa9.945↑ Sell
 Siemens AG132.99↑ Sell
 Deutsche Bank AG10.540↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,660/ 5,715
(-5/ -5) # 712
SJC HCM5,660/ 5,730
(-20/ -15) # 728
SJC Hanoi5,660/ 5,732
(-20/ -15) # 730
SJC Danang5,660/ 5,732
(-20/ -15) # 730
SJC Nhatrang5,660/ 5,732
(-20/ -15) # 730
SJC Cantho5,660/ 5,732
(-20/ -15) # 730
Cập nhật 27-07-2021 19:00:32
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ↀ Giá vàng thế giới
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Sản phẩmVùng 1Vùng 2
RON 95-IV2178022210
RON 95-II,III2168022110
E5 RON 92-II2049020890
DO 0.05S1637016690
DO 0,001S-V1672017050
Dầu hỏa1539015690
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USD22.880,0023.110,00
EUR26.476,7927.854,49
GBP31.000,6032.295,52
JPY203,52214,19
KRW17,3221,08
Cập nhật lúc 18:50:40 27/07/2021
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