11 Apr 2024

BREAKING >>> ECB rates unchanged as expected but ECB gives quite explicit indication of coming rate cut in June - unless they are surprised. No rate cut size given.

Note also a Critical Change In The ECB's Language (UBS): "The ECB noted that wage pressures are moderating and those wage gains there are, are tending to be absorbed by companies in their profits. That is something ECB President Lagarde said a month ago was a prerequisite – indeed it was a worrisome signal as far as equity was concerned, specifically requiring lower profit margins. But contrast today's wording with last month's: that inflation remained high because in part of high wages. So, having set up a margin squeeze on wage absorption as a critical requirement, Lagarde should draw attention to that in the press conference". The first indication out of today’s ECB governing body meeting is consistent with President Lagarde’s previous statment that the Eurozone’s central bank is not “Fed dependent.” Source: Piet Haines Christiansen


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