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12:36 PM · 22 February 2024

ECB Minutes: Broad consensus that it was premature to discuss rate cuts

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At 12:00 pm GMT, the ECB's Minutes of the last interest rate meeting were published. Here are the most important comments contained in the document:

March inflation projection for 2024 likely to be lowered
Risk of cutting rates too early was still seen as outweighing that of cutting too late
Measures of underlying inflation had passed their peak
Latest economic activity and inflation consistent with current monetary policy stance
But further progress needed to be made in the disinflationary process
Continuity, caution and patience were still needed
While the probability of a 25 basis point cut in April still stood at around 60%, a first cut was now fully priced in only for June

EURUSD pair does not overreact to today's Minutes reading

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