ECB Cipollone sees deterioration of EU PMI, slower growth, along with faster disinflation
ICYMI, the European Central Bank provided a transcript of remarks from Executive Board member Piero Cipollone made in an interview with Austrian public broadcaster ORF conducted back on September 27.Sheesh, took 'em a while!In summary, Cipollone's comments point to a rate cut at the Bank's October 17 meeting, a result widely expected in markets:“We could get a growth that is a little bit slower than what we were thinking,” “And also numbers we are seeing, the first numbers from inflation seem to be pointing to the fact that inflation is decelerating faster, faster than we expected.” “We have seen a deterioration of the PMI, so the signals coming from the real side of the economy are a little bit weak,” He said the policy setting board is data-dependent. Draw your own conclusions but I think a rate cut ios a no brainer given his comments on the state of the economy. This article was written by Eamonn Sheridan at www.forexlive.com.
ICYMI, the European Central Bank provided a transcript of remarks from Executive Board member Piero Cipollone made in an interview with Austrian public broadcaster ORF conducted back on September 27.
Sheesh, took 'em a while!
In summary, Cipollone's comments point to a rate cut at the Bank's October 17 meeting, a result widely expected in markets:
- “We could get a growth that is a little bit slower than what we were thinking,”
- “And also numbers we are seeing, the first numbers from inflation seem to be pointing to the fact that inflation is decelerating faster, faster than we expected.”
- “We have seen a deterioration of the PMI, so the signals coming from the real side of the economy are a little bit weak,”
He said the policy setting board is data-dependent. Draw your own conclusions but I think a rate cut ios a no brainer given his comments on the state of the economy. This article was written by Eamonn Sheridan at www.forexlive.com.
