ECB Cuts Deposit Rates; Here's What ECB President Christine Lagarde Has To Say On Inflation | ET Now

Published: Sep 12, 2024 Duration: 00:05:21 Category: News & Politics

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an interesting development given how long uh this has been going on for so yesel uh keep a close eye on all of these skes in today's trade well absolutely and let's get you some more news and updates then the European Central Bank Cuts interest rates yet again as inflation slows and macro growth falters the Central Bank however did not provide any clues towards what lies ahead even a street factors in steady policy easing in the months ahead the bank has lowered its deposit rate by 25 basis points to 3.5% following up on a similar in jun's inflation is now within that 2% Target as well in fact let's also listen into what ecb's president Christine lagard had to say there domestic inflation remains high as wages are still rising at an elevated Pace however labor cost pressures are moderating and profits are partially buffering the impact of higher wages on inflation financing conditions remain restrictive and economic activity is still subdued reflecting weak private consumption and investment staff project that the economy will grow by 0.8% in 24 rising to 1.3% in 25 and 1.5% in 26 okay so that's the word coming in from ecb's Christine lagard but we also caught up with Joffrey Dennis uh the independent Emerging Markets commentator discussing the ecb's move to cut its key deposit rates and it also touched upon he also touched upon the scope for interest rate cuts by the Federal Reserve as well let's go across and listen into what he had to say I don't see a recession frankly in either of these two sets of economies and uh and I think therefore the ECB was right to cut by 25 basis points only today and for Christine lagard to say that she would be data dependent would go meeting to meeting as opposed to giving the market any real um uh Outlook uh for the next several meetings at this point I think there is much more scope for interest rates to come down more significantly in the US over the next 12 months than than in Europe or perhaps I should say then in the EU the Euro area and therefore I would not be surprised if they paused and I'm not it's very hard to make a call at this point because it will depend also on the macroeconomic data but my guiding principle here is that interest rates in the in the Euro area have got less distance to fall than they do in the US that will push the dollar lower all right well that's a word coming in from Joffrey Dennis but let's keep it with the Central Bank activity this morning then interest rate cuts from the bank of England next week look unlikely but investors will be watching its September meeting for clues about future moves as well as a decision over the pace of its Bond sales now economists are now looking at the Central Bank holding rates steady at 5% after lowering from a 16-year high of 5.25% in August okay and let's sh Focus back to the US the number of Americans filing new applications for unemployment benefits has increased marginally last week suggesting that layoffs remain low even as the labor market is slowing weekly Jo claims Rose by just 2,000 to 230,000 meanwhile producer prices Rose 210 per per in August up 1.7% on a year- on-year basis Amit a rebound in the cost of of services the combination of a fairly stable labor market and lofty inflation further diminish the chances of the FED Reserve cutting interest rates by 50 BBS although a rate cut from the FED is eminent questions arise on the Quantum of the same and to discuss more on this we caught up with anurak Singh the managing partner at anet Capital let's go across and listen in to what he thinks could be the fed's potential move in this upcoming meeting between the 5.5 to the end state of 3.5 by 2026 there are about eight rate cuts to go and there is about like almost a 2-year time frame you know for the Federal Reserve to achieve that so any point expecting a 50 basis point unless there is a crisis is kind of a wishful thinking so I think I was not expecting Market can make its conjectures but yeah of course I mean that's a reality check it's out of the window the dollar Index and plus you know other six currencies How do they they interact and behave much depends on relatively how other central banks are doing because this time it was a global inflation and then the global rate hike and then the you know ECB has already cut 50 VES point I doubt dollar Index will fall below 100 much because you know relative basis it is still doing well right and US economy is still the most robust so us central bank has the best uh position to start the rate cut cycle Visa we other economy especially European Union right so that limits the extent to which dollar can fall right if you like this video then like share and subscribe to ET now

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