ECB set to raise interest rates

The European Central Bank is expected to confirm today that it’ll hike interest rates this summer.

It’s governing council is meeting in Amsterdam where its likely to agree to significant changes in monetary policy and an end to its bond-buying programme.

ECB President Christine Lagarde is also expected to confirm that the bank will implement a series of interest rate rises.

It’ll mean those on variable or tracker rate homeloans will see their monthly payments increase.

Economist Jim Power is expecting two separate increases over the summer.

“I think that the mood music on interest rates has changed dramatically on interest rates over the last two months.

“Inflation in the Eurozone is running at about 8.1% in May, and has been consistently above the ECB target of 2% for some time.

“It’s clear that the European Central Bank is going to increase rates in July – I expect it’s going to be .25%”


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