October 16, 2019 / 2:48 PM / a month ago

ECB's Lane says date of first rate hike depends on data

FILE PHOTO: European Central Bank Chief Economist Philip Lane speaks during a Reuters Newsmaker event in New York, U.S., September 27, 2019. REUTERS/Gary He

NEW YORK (Reuters) - The date of the first post-crisis interest rate hike by the European Central Bank depends purely on economic data and effectively adjusts itself, the ECB’s chief economist Philip Lane said on Wednesday.

“This forward guidance is an automatic adjuster,” Lane said in New York. “If there is good news the date of rate lift-off will move forward, if there is bad news, the expected lift-off will move backwards.”

Reporting By Balazs Koranyi; Writing by Francesco Canepa; Editing by Toby Chopra

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