Draghi Says ECB Will Be Patient in Timing of First Rate Hike
- ECB President sees threats from protectionism, volatility
- Draghi comments in keynote speech at forum in Sintra
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Mario Draghi promised that the European Central Bank will take its time to lift interest rates, reinforcing last week’s agreement by policy makers to keep borrowing costs unchanged at least through the summer of 2019.
“We will remain patient in determining the timing of the first rate rise and will take a gradual approach to adjusting policy thereafter,” the ECB president said in a speech in Sintra, Portugal. “The path of very short-term interest rates that is implicit in the term structure of today’s money-market interest rates broadly reflects these principles.”