The ECB statement is due at 1315 GMT, which is 0815 US Eastern time.
- European Central Bank President Lagarde follows up with her press conference a half hour later (1345 GMT / 0845 US Eastern time)
The ECB is set to leave interest rates unchanged at a record high, the policy rate is currently 4%:
- officials at the Bank are waiting to see more evidence that inflation (the latest data has headline CPI at 2.6%, and core (excluding food and fuel) 3.1%, still above the 2% ECB target) is not going to get lifted higher via ongoing
wage increases - ECB forecasts (ECB quarterly macroeconomic projections) are expected to indicate slower economic growth and inflation during 2024
The Bank is awaiting data on wages that’ll come in May to decide on a rate cut. This rules out today’s meeting and, most likely, April’s also. Market expectations centre on the June 6 meeting for the first rate cut, with pricing showing another three cuts following by the end of the year.
The Bank has been on hold since its last rate hike in September 2023: