European Central Bank declines to cut rates because ‘domestic price pressures are strong and are keeping services price inflation high' [Fortune]
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Source: Fortune
is firmly under control before cutting rates to support an economy that's struggling to grow. Bank President Christine Lagarde said after the meeting that while “measures of underlying inflation are easing” price pressures remained strong and were keeping prices high in the services sector. But she also suggested a rate cut was now on the table, saying that if incoming data confirm inflation's decline, “it would be appropriate to reduce the current level of monetary policy restriction.” The policy meeting at the bank's skyscraper headquarters in Frankfurt is widely regarded as a prelude to a likely rate cut at the next meeting on June 6, after Lagarde dropped a broad hint by saying that the bank would have more information on the path of inflation at that meeting. Lagarde's statement meant that the bank “officially opens the door to a June rate cut,” said Carsten Brzeski, chief of global macro at ING bank. “This is the first time the ECB has talked about rate cuts in its offic
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