The European Central Bank's move to increase its key rate earlier this month was a "robust decision", its chief economist Philip Lane says, pushing away some accusations that it was a pre-emptive rise. "I would reserve the phrase 'insurance hike' to a situation where there's a tiebreaker...But that was not the June decision. That was a clear decision, robust across a wide range of scenarios," he told Bloomberg TV on the sidelines of the ECB's conference in Sintra, Portugal. The ECB is committed to not "boxing ourselves in" by speculating about future rate decisions, instead focusing on a meeting-by-meeting approach, Lane says. ECB President Lagarde said at the policy meeting that the decision to hike rates by a quarter-point was unanimous by policymakers. (edward.frankl@wsj.com)
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ECB's June Hike a 'Robust Decision', Lane Says — Market Talk
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The European Central Bank's move to increase its key rate earlier this month was a "robust decision", its chief economist Philip Lane says, pushing away some accusations that it was a pre-emptive rise. "I would reserve the phrase 'insurance hike' to a situation where there's a tiebreaker...But that…