ECB Holds Rates as Energy Shock Has Limited Knock-On Effects
ING's Carsten Brzeski says the ECB kept rates unchanged because higher energy prices had not produced knock-on price effects. He adds that rising bond yields have already tightened financial conditions.
1109 ET - The main argument behind the ECB keeping interest rates unchanged was a lack of knock-on price effects from higher energy prices, ING's Carsten Breszki says in a note. Meanwhile, rising bond yields have already tightened financial conditions. "The bond market has taken over the ECB's job…