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ECB Calls for Patience as BoJ Expected to Hold Rates This Month

Leaders favor waiting for proof of wage pass‑through from higher energy costs.

Overview

  • ECB Vice‑President Luis de Guindos said Tuesday the bank must keep a cool head and wait for evidence that pricier oil and gas are feeding into broader prices.
  • Christine Lagarde said Monday the energy shock has not reached the ECB’s adverse scenario and that policymakers need more data before changing interest rates.
  • Japan’s central bank is widely expected to keep its policy rate near 0.75% at the April 27–28 meeting, with officials prepared to consider a hike by June if inflation stays firm.
  • Eurozone inflation has edged higher on headline readings to about 2.6% with core near 2.3%, while growth forecasts sit near 0.9%, creating a tougher trade‑off for rate‑setters.
  • Prediction and rate‑odds markets show very low chances of big moves by either central bank this month, though the displayed probabilities come from thin trading that can shift quickly.