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European Central Bank Preview: No changes expected as markets look for clues over upcoming interest-rate cuts
The European Central Bank (ECB) will announce its monetary policy decision on Thursday. Market participants anticipate no changes to the current policy, but policymakers continue paving the way towards interest rate cuts in June. The ECB has tightened rates to fight skyrocketing inflation in the pandemic aftermath, lifting the Main Refinancing Operations Rate to 4.50% and the Deposit Facility Rate to 4% from negative levels in little over a year. Beyond rates, the ECB is using other tools: the Asset Purchase Programme (APP) and the Pandemic Emergency Purchase Programme (PEPP). The first one is being reduced ... (full story)
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post: OPEC LEAVES 2025 WORLD OIL DEMAND GROWTH FORECAST UNCHANGED AT 1.85 MBPD OPEC SAYS 'ROBUST' OIL DEMAND OUTLOOK FOR SUMMER MONTHS WARRANTS CAREFUL MARKET MONITORING AMID ONGOING UNCERTAINTIES TO ENSURE SOUND AND SUSTAINABLE MARKET BALANCE post: OPEC SAYS DESPITE SOME DOWNSIDE RISKS, THERE IS FURTHER UPSIDE POTENTIAL FOR GLOBAL ECONOMIC GROWTH IN 2024 || OPEC SAYS ITS CRUDE OIL OUTPUT IN MARCH ROSE BY 3,000 BPD TO 26.60 MILLION BPD post: OPEC RAISES 2024 US ECONOMIC-GROWTH FORECAST TO 2.1% FROM 1.9%. post: OPEC SPOT OIL-PRICES IN MARCH WERE BOOSTED BY FUTURES MARKET RALLY, HIGHER FINANCIAL FLOWS IN FUTURES MARKETS AND IMPROVING SENTIMENT ON OIL FUNDAMENTALS; GEOPOLITICAL TENSIONS ADDED TO SUPPLY RISK PREMIUM
The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information has broadly confirmed the Governing Council’s previous assessment of the medium-term inflation outlook. Inflation has continued to fall, led by lower food and goods price inflation. Most measures of underlying inflation are easing, wage growth is gradually moderating, and firms are absorbing part of the rise in labour costs in their profits. Financing conditions remain restrictive and the past interest rate increases continue to weigh on demand, which is helping to push down inflation. But domestic price pressures are strong and are keeping services price inflation high. post: EUROZONE ECB INTEREST RATE DECISION (APR) ACTUAL: 4.50% VS 4.50% PREVIOUS; EST 4.50% EUROZONE ECB MARGINAL LENDING FACILITY ACTUAL: 4.75% VS 4.75% PREVIOUS; EST 4.75% EUROZONE DEPOSIT FACILITY RATE (APR) ACTUAL: 4.00% VS 4.00% PREVIOUS; EST 4.00% post: ECB leaves rates unchanged, repeats line on policy remaining sufficiently restrictive as long as necessary, stands ready to adjust all instruments post: ECB SAYS IN ANY EVENT, IT WILL CONTINUE TO FOLLOW A DATA-DEPENDENT AND MEETING-BY-MEETING APPROACH TO DETERMINING APPROPRIATE LEVEL AND DURATION OF RESTRICTION AND IS NOT PRE-COMMITTING TO A PARTICULAR RATE PATH.ECB holds rates at record highs, signals upcoming cut The European Central Bank kept interest rates at record highs on Thursday but sent an even clearer signal that it may be preparing to cut them as euro zone inflation continues to fall. The central bank for the 20 countries that share the euro currency kept its deposit rate at 4.0%, where it has been since September as part of a 1-1/2-year effort to rein in prices. But, with inflation now close to the ECB's 2% target, bank lending at a standstill and the economy barely growing, the ECB dropped fresh hints about a possible cut at its next meeting. "If the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission were to further increase its confidence that inflation is converging to the target in a sustained manner, it would be appropriate to reduce the current level of monetary p
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- Posted: Apr 11, 2024 7:45am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 3,397
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