The accounts of ECB’s February 1-2 meeting noted, “it was generally felt that concerns of ‘overtightening’ were premature at the present high levels of inflation and in view of the likely persistence of underlying price pressures”.
The view was expressed that, “given the still substantial distance to the prospective terminal rate, there continued to be value – from a risk management perspective – in frontloading rate hikes at the present stage.”
The communication regarding March meeting, “conveyed the view that, in the absence of abrupt changes in circumstances, a further 50 basis point interest rate hike at the March meeting was consistent with a very wide range of possible scenarios for the way inflation would develop.”
US initial claims dropped to 190k vs exp. 196k
US initial jobless claims dropped -2k to 190k in the week ending February 25, below expectation of 196k. The reading was also below 200k handle for the seventh straight months. Four-week moving average of initial claims rose 1750 to 193k.
Continuing claims dropped -5k to 1655k in the week ending February 18. Four-week moving average of continuing claims rose 1250 to 1672k.
Full release here.