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ECB must keep raising rates to fight off inflation, Lane says

FRANKFURT (Reuters) -The European Central Bank must raise interest rates to a level that starts to restrict growth and their peak will depend on how the economy responds to the most rapid policy tightening cycle on record, ECB chief economist Philip Lane told the Financial Times. The ECB has raised rates by a combined 2.5 percentage points since July in an attempt to arrest a historic surge in inflation, but policymakers have already said that more will be needed get price growth, now just below 10%, back to the ECB’s 2% target by around 2025. Although markets now see the 2% deposit rate peaking around 3.3% this summer, Lane took a more cautious approach, arguing that the response of firms, households and governments to the ECB’s moves will be key.

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