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ECB President Lagarde said euro area inflation rose sharply and surprised higher in January, driven mainly by energy and food prices. The Governing Council confirmed it would end PEPP net asset purchases at the end of March and kept policy flexible.
Higher food and energy inflation in the euro area signals rising input costs and a more restrictive monetary backdrop, which can lift feed and energy costs for European buyers.
ecb.europa.euEuropean Central BankFeb 3, 2022After 388 past bullish macro events, Euro (USD per EUR) moved a median +0.3% over 5 sessions (62% higher; middle half -0.4% to +1.1%), and +0.1% over 20.
After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
The press conference stressed upside inflation surprises and the end of PEPP purchases in March, supporting the hawkish repricing.
