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Makhlouf Comfortable With Just One Further Cut in 2024

ECB
  • Reuters have reported that ECB’ Makhlouf said he was comfortable with just one more interest rate cut this year as he needed more time to gain confidence inflation was headed to the ECB's target.
  • Makhlouf struck a cautious tone in an interview with Reuters, even though he expected rates to fall eventually.
  • "I am comfortable with expectations of another cut," he said on the sidelines of the ECB's Forum on Central Banking in Sintra, Portugal. "I think two cuts today, at the beginning of July, is probably going a little bit too far. I'm not saying I'd rule it out."
  • Makhlouf said he was "pleased" with the latest inflation data "because it confirms the direction that we are moving in" but he stressed services inflation remained the "number one issue of focus" after a second straight 4.1% increase.
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