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BENGALURU, Aug 13 - The European Central Bank will cut its deposit rate twice more this year, in September and December, according to an over-80% majority of economists polled by Reuters, fewer reductions than markets currently expect.
Over 80% of economists, 66 of 81, in a Aug. 8-13 Reuters poll predicted the ECB's Governing Council will deliver two more 25 basis point rate cuts this year, in September and December, taking the deposit rate to 3.25%. That majority view was broadly in line with the last two Reuters surveys."The latest developments, particularly on the inflation front, are relatively hawkish," said Fabio Balboni, senior European economist at HSBC.
Although many banks, including some primary dealers to the Fed, have changed their Fed outlook, most of those same banks haven't changed their ECB rate view. The Fed is widely expected to start cutting rates at its September meeting, just days after the ECB next meets. "I expect the ECB to slightly revise upward its inflation projections and it's strange then to continue cutting rates," said Carsten Brzeski, chief euro zone economist at ING.
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