Draghi’s speech: significant monetary accommodation still needed
|Continuing with his introductory speech at the ECB Forum on Central Banking, in Portugal, the ECB President Mario Draghi was further noted saying that there is growing evidence that broad-based economic growth is beginning to generate positive pricing dynamics.
Additional quotes:
• Downside risks to global economy include increased protectionism threats.
• Also includes rising oil prices on geopolitics and persistent heightened market volatility.
• Upside risks include fiscal expansion in the US.
• 'Significant' monetary accommodation still needed.
• ECB to be patient in determining timing of first rate hike.
• ECB to take gradual approach after first rate increase.
• Market-implied rate path broadly reflects ECB's intention.
• ECB confidence in path of inflation is rising.
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