Today, this path is constrained on the downside, as the overnight interest rate – which underpins the whole term structure of risk-free interest rates – is already negative. So, under current conditions, our indications regarding the most likely evolution of the policy rates are a key instrument for setting the monetary policy stance.
I have already communicated that we are prepared to match the US Fed. Since they hiked by another 75 basis points, you can expect that I will be voting to raise the policy rate by a similar magnitude.