05/06/2024 – 9:30
European Central Bank (ECB) chief economist Philip Lane said his confidence that euro zone inflation was heading towards the official 2% target had increased since April’s monetary policy meeting, when the ECB left its interest rates unchanged for the fifth consecutive time. In an interview with the Spanish newspaper The Confidentialreproduced on the ECB website this Monday, Lane highlighted progress in services inflation, which slowed in April after remaining stable for five months in a row.
Lane’s comments come amid indications that the ECB is preparing to announce its first rate cut in June.
Still in the interview, Lane said that the impact of interest rate decisions by the Federal Reserve (Fed, the US Central Bank) on the euro zone should not be exaggerated.
According to him, the ECB’s conduct will be influenced mainly by the outlook for inflation in the bloc, but also by the economic outlook as a whole.
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