Rising bond yields slow policy transmission – Lane
‘Second wave’ of energy inflation yet to ripple through to other prices, says ECB chief economist
Philip Lane has said the rise in long-term interest rates will slow growth and reduce monetary policy pass-through more than the European Central Bank had been anticipating in September.
Speaking today (October 5) at the ECB’s conference on monetary policy, the bank’s chief economist said its measures for underlying inflation had not moved much compared with a year ago.
He compared inflation between the fourth quarter of 2025 and September 2026, and said the increase in the headline figure from 2
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