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Weekly Market Brief: ECB-mania, tapping out
- The July ECB Governing Council meeting saw the central bank leave interest rates on hold for the first time in a year, with the deposit and the refined rates maintained at 2.00% and 2.15% respectively.
- The meeting statement from the ECB was very short and offered little new guidance for the markets.
- When questioned about a potential undershooting of inflation. President Lagarde stated that the ECB would not be moved by the “miner deviation” and that the 2026 forecasts have an undershoot baked in already largely due to based efforts.
- Markets expectations firmed significantly in response to the ECB's messaging with a cut to the depo, rate in the coming months no longer fully. price
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