The pace of the subsequent gradual but sustained process of interest rate increases will depend on the new economic and financial data and on how they will affect the prospects for prices.
Partly because of the unjustified perception of a particularly aggressive monetary policy stance, the first half of June was characterized by a sharp upward revision of expectations for key interest rate rises and by an abrupt increase in long-term interest rates, which play a key role in the economic activity of firms and households.