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ECB: Accounts Confirm September Cut As Likely Scenario

ECB

The July meeting accounts note that “The September meeting was widely seen as a good time to re-evaluate the level of monetary policy restriction”. There are 67bps of easing priced through the remainder of this year, with a 25bp fully priced through September – little changed on the day.

Other key points from the accounts:

  • “It was underlined that a gradual attenuation of policy restriction was a balancing act, as it was also important not to unduly harm the economy by keeping rates at a restrictive level for too long”.
  • Members agreed that the triangular relationship between wages, productivity and profits remained central to assessing domestic price pressures and the inflation outlook more generally”.
  • “The overall quarterly profile of measures of underlying inflation remained in line with the picture of gradually diminishing price pressures” 

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