ECB/Rehn: There is room for serious rate hikes

Olli Rehn, a member of the European Central Bank (ECB) and the Governor of Finland’s Central Bank, said that there is room for serious interest rate hikes in the winter and early spring. Speaking to a Finnish channel, Rehn said that the ECB will decide on interest rates at each meeting based on the data received, and emphasized that the aim of the interest rate hikes is to help reduce inflation by reducing the purchasing power of Eurozone citizens. In his speech, Rehn stated that markets are targeting 3.25 percent as the peak for the ECB’s interest rate hikes, but refrained from making an assessment of where the peak should be. Meanwhile, Rehn said that he did not rule out the possibility of running for President of Finland in the elections to be held in 2024, and that he would make his decision on this issue in the summer or fall.