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Villeroy – ECB To Cut In June Barring A Major Shock

ECB
  • ECB Governing Council member Villeroy says the ECB will cut rates on Jun 6 barring a major shock.
  • The comments aren’t surprising as Villeroy said before the the April ECB meeting that it was unimportant whether the ECB starts cuts in April or June, but it builds on Lagarde saying earlier today that the ECB is moving toward rate cuts if no major shocks although she doesn't precommit to a particular rate path.
  • Villeroy adds there will have to be more cuts in 2024 and 2025 with the pace of cuts to be determined by data.
  • Inflation may see ups and downs in coming months but he sees no reason that disinflation won’t happen in services. There’s a risk of undershooting 2% price goal.
  • The neutral rate may not be the target of the current phase.
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