Lane States ECB Not On Pre-Determined Path, Stournaras Projects 3 Cuts This Year

Comments from the ECB's Chief Economist Lane crossed the wires earlier. He was speaking to the US Stanford Business school.

• The comments were fairly balanced and noted the ECB was not on a pre-determined path around rates, but will follow a data-dependent approach and that policy will stay restrictive for as long as needed. He added that inflation has come down quicker than projected, but the next phase of the disinflation process is likely to be more gradual (BBG).
• The Fed outlook is important Lane noted but doesn't outweigh the domestic EU backdrop.
• We also had comments from the head of the Greek Central Bank, Yannis Stournaras, who stated that 3 rate cuts were likely from the ECB this year. This is lower than the previous 4 cuts that Stournaras projected (who cited stronger Q1 growth as a factor). The Greek Central Bank head gave an interview with Liberal.