The European Central Bank kept rates unchanged, and the bank’s president, Christine Lagarde, is now speaking. EURUSD is edging higher at the start of Lagarde’s remarks. Here are the key points from her comments:
- GDP data reflects Q1 frontloading.
- Economy grew due to resilience in domestic demand.
- Recent trade agreements have reduced uncertainty.
- The impact of trade deals is to only be clearer over time.
- Higher tariffs, stronger euro, competition to hold growth back and headwinds on growth should fade next year.
- Investment should be underpinned by government spending.
- Labor market remains a source of strength.
- Recent surveys point to growth both the manufacturing and services sectors.
- Disinflationary process is over.
- Traders pare ECB easing bets, indicate rate-cut cycle is over.
- The decision was unanimous.
- ECB's President Lagarde: Domestic economy showing resilience.
- ECB's President Lagarde: We continue to be in a good place, inflation is where we want it to be.
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