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Nov. 3, 2021, 6:21 a.m. EDT

Lagarde says interest-rate hike next year from ECB is 'very unlikely'

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By Steve Goldstein

European Central Bank President Christine Lagarde delivered a speech on Wednesday saying it was "very unlikely" conditions would be met by next year that would allow for an interest-rate hike. "Market interest rates have risen over the past weeks, mainly as a result of greater market uncertainty about the inflation outlook, spillovers from abroad to policy rate expectations in the euro area, and some questions about the calibration of asset purchases in a post-pandemic world," she said in Lisbon. "In our forward guidance on interest rates, we have clearly articulated the three conditions that need to be satisfied before rates will start to rise. Despite the current inflation surge, the outlook for inflation over the medium term remains subdued, and thus these three conditions are very unlikely to be satisfied next year."

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