ECB Executive Board member Mahrouf said in an interview with the Financial Times that if the inflation trajectory deviates from expectations, the ECB should not shy away from further rate hikes. He noted that inflation in the euro area is still above 3%, and that, together with economic growth that is slightly stronger than expectations before the summer, the situation is unsettling. Even when the benchmark deposit rate reaches 2.5%, it has not truly produced a material restrictive effect; the genuinely restrictive range typically needs to be above 2.75%.
This statement has attracted market attention because it breaks the prior one-way expectation of an ECB easing cycle. Previously, most investors expected the ECB to slow down gradually after the rate hike at an upcoming meeting. But policymakers emphasized that they would stick to a meeting-by-meeting decision approach and would not provide any path guidance in advance. They also may fine-tune the annual economic growth outlook, leaving significant uncertainty for subsequent policy.
At the macro level, the back-and-forth in tightening expectations directly suppresses global risk appetite. Combined with sharp adjustments in Asia-Pacific markets (such as the Nikkei 225 plunging 3.00% intraday to 64,225.19), global risk-avoidance sentiment has risen markedly. Volatility in bond yields and FX markets has once again forced liquidity expectations for traditional financial markets to be recalibrated.
For the crypto market, the tug-of-war in global liquidity expectations has heightened the wait-and-see sentiment on the capital side. $BTC and mainstream alternative coins, in the absence of incremental liquidity, are more likely in the short term to be buffeted by macro sentiment and trade in wide-ranging consolidation. Going forward, market focus will shift to the ECBโs decision and the overall policy coordination between the U.S. and Europe. The battle between bulls and bears is expected to continue.๐
#ECB #้่ #ๅฎ่ง็ปๆต
This statement has attracted market attention because it breaks the prior one-way expectation of an ECB easing cycle. Previously, most investors expected the ECB to slow down gradually after the rate hike at an upcoming meeting. But policymakers emphasized that they would stick to a meeting-by-meeting decision approach and would not provide any path guidance in advance. They also may fine-tune the annual economic growth outlook, leaving significant uncertainty for subsequent policy.
At the macro level, the back-and-forth in tightening expectations directly suppresses global risk appetite. Combined with sharp adjustments in Asia-Pacific markets (such as the Nikkei 225 plunging 3.00% intraday to 64,225.19), global risk-avoidance sentiment has risen markedly. Volatility in bond yields and FX markets has once again forced liquidity expectations for traditional financial markets to be recalibrated.
For the crypto market, the tug-of-war in global liquidity expectations has heightened the wait-and-see sentiment on the capital side. $BTC and mainstream alternative coins, in the absence of incremental liquidity, are more likely in the short term to be buffeted by macro sentiment and trade in wide-ranging consolidation. Going forward, market focus will shift to the ECBโs decision and the overall policy coordination between the U.S. and Europe. The battle between bulls and bears is expected to continue.๐
#ECB #้่ #ๅฎ่ง็ปๆต