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“Today’s term structure of money market interest rates  embodies a very moderate pace of rate rises beyond the expected date of lift-off,”  ECB chief economist Peter Praet explained at a conference in New York.

Key quotes (via Reuters)

  • The euro area economy continues to expand at a rate that is above potential.
  • Confident that the sustained convergence of inflation to our aim will proceed.
  • Ample degree of monetary accommodation remains necessary.
  • Communication on policy adjustments beyond the first rate hike will become increasingly important.