Second, as decided last week, our first interest rate increase in 11 years is scheduled for July, expected to be followed by another rise in September. While we intend to raise key interest rates in July by 25 basis points, the pace of further increases will depend on future price developments and outlooks.
If the medium-term inflation outlook persists or deteriorates, a larger increase will be appropriate in September. Third, based on our current assessment we anticipate that a gradual but sustained path of further increases in interest rates will be appropriate beyond September.