ECB's Praet: Money market rates imply moderate pace of rate rises beyond expected date of lift-off

"Today's term structure of money market interest rates embodies a very moderate pace of rate rises beyond the expected date of lift-off," ECB chief economist Peter Praet explained at a conference in New York.

Key quotes (via Reuters)

• The euro area economy continues to expand at a rate that is above potential.
• Confident that the sustained convergence of inflation to our aim will proceed.
• Ample degree of monetary accommodation remains necessary.
• Communication on policy adjustments beyond the first rate hike will become increasingly important.