A growing number of European Central Bank policymakers are lining up behind another interest rate cut in September and only major data surprises in the...
JACKSON HOLE, Wyoming - A growing number of European Central Bank policymakers are lining up behind another interest rate cut in September and only major data surprises in the coming weeks could delay the move, on and off record conversations with seven sources indicate.
"We are largely where we want to be," Latvian policymaker Martins Kazaks said when asked about a cut in September. ECB President Christine Lagarde, whose support for the move will be vital, has yet to send any signal about the September decision and has made no public comments on ECB policy in weeks.An ECB spokesperson declined to comment. The sources added that formal discussions have yet to start and there are still important data releases before Sept. 12.The sources, many of them considered conservatives or policy hawks, said that communicating the move may be more difficult than the decision itself.
The chief argument in backing a cut is that easing was anticipated when inflation was on the ECB's predicted path. The sources, however, all agreed that the ECB cannot further delay getting inflation back to its 2% target. It now sees that being reached in late 2025 and there is no appetite in letting this slip into 2026.
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