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Largely unchanged statement

ECB
  • The second and third paragraphs of the ECB's statement remain unchanged and the opening paragraph doesn't push back on rate cuts as much as some had been hoping for (although bear in mind that the tone of the press conference could still be a bit more hawkish).
  • The ECB does acknowledge "the declining trend in underlying inflation" but says that "The incoming information has broadly confirmed its previous assessment of the medium-term inflation outlook."
  • Overall, very short statement - not much to really move things here.

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