MNI BRIEF: US GDP Growth Slowed More Than Expected In 4Q

MNI: ECB CUTS KEY DEPOSIT RATE BY 25 BP TO 2.75%

MNI: GERMANY Q4 FLASH GDP -0.2% Q/Q, -0.2%Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100 BPS TO 13.25%

MNI: Fed Statement Comparison - January vs. December

MNI INTERVIEW2: New NBH Chief Must Clarify Reaction Function

US EIA:NAT GAS STORAGE -321 BCF TO 2,571 BCF JAN 24 WK

MNI: US NAR DEC PENDING HOME SALES INDEX 74.2 V 78.5 IN NOV

MNI: US Q4 GDP +2.3%

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI ECB Review, Jan'25: Stepping Stone To March Forecasts

The ECB cut rates by 25bps as fully expected and markets continue to expect another 25bp cut in March towards neutral
Central Bank ReviewHomepageECB - ReviewEurozoneCentral Bank ReportsMarketsStory

Executive Summary

  • The ECB cut its three key rates by 25bps, including the deposit rate to 2.75% as unanimously expected.
  • The ECB continues to have confidence in the inflation outlook and the economic recovery.
  • The nearest President Lagarde came to giving an opinion on potential US tariffs is that they would be a global negative, but with significant uncertainty at this stage clouding estimation.
  • Neutral discussions are still premature whilst policy is deemed restrictive - watch for a staff report on Feb 7th. Bloomberg sources suggest restrictive could be dropped in March, with a 25bp cut priced.
  • Market reaction was marginally dovish in rates space. We haven’t seen any analyst view changes but will revert if we do. 

Please find the full report here:ECBReview - Jan2025.pdf

image
125 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Executive Summary

  • The ECB cut its three key rates by 25bps, including the deposit rate to 2.75% as unanimously expected.
  • The ECB continues to have confidence in the inflation outlook and the economic recovery.
  • The nearest President Lagarde came to giving an opinion on potential US tariffs is that they would be a global negative, but with significant uncertainty at this stage clouding estimation.
  • Neutral discussions are still premature whilst policy is deemed restrictive - watch for a staff report on Feb 7th. Bloomberg sources suggest restrictive could be dropped in March, with a 25bp cut priced.
  • Market reaction was marginally dovish in rates space. We haven’t seen any analyst view changes but will revert if we do. 

Please find the full report here:ECBReview - Jan2025.pdf

image