Central bankers skeptical of ECB interest rate cut in July

The European Central Bank recently announced a 0.25 percentage point decrease in its key interest rates. While the central bank governors of the euro area do not believe there will be another interest rate cut in July, they are closely monitoring the situation and are focused on the September meeting due to the uncertain inflation slowdown. This interest rate cut was the first since 2019 and was led by ECB President Christine Lagarde. Lagarde mentioned that despite recent positive developments, inflation within the euro area remains strong due to wage increases, and it is likely to exceed the target for a significant part of the next year.

The ECB forecasts that euro area inflation will slow to 2.5% this year, 2.2% next year, and 1.9% in 2026. Additionally, the euro area economy is expected to grow by 0.9% this year, 1.4% next year, and 1.6% in 2026. The statement from Lagarde suggests that key interest rates may not be lowered further in the near future. The central bank is closely monitoring economic indicators and inflation to make informed decisions about monetary policy.

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