Post by account_disabled on Feb 25, 2024 2:16:23 GMT -5
The ECB hinted that borrowing costs in the eurozone had peaked. He said Thursday's increase meant that "interest rates have reached levels that, maintained for a sufficiently long period, will make a substantial contribution to the timely return of inflation to target." Tomasz Wieladek, chief European economist at T Rowe Price, said: “This is a very moderate rise. . . “They have clearly stated their intention to keep rates unchanged from now on.” The move takes the ECB's deposit rate above the previous record high in 2001, when rate-setters raised borrowing costs to boost the value of the newly launched euro. Christine Lagarde, president of the ECB, told reporters that a “solid majority” of rate setters favored Thursday's increase, compared to a minority who backed a pause.
The decision was the ECB's most consequential in more than a year, with more moderate members of the governing council advocating a pause due to signs of weaker growth, a slowdown in bank lending, a cooling Job Function Email Database labor market and a fall in inflation. But hawks worried that inflation was still too high. The ECB raised its inflation forecast for this year from 5.4 percent topercent and for next year from 3 percent to 3.2 percent. But it cut its 2025 inflation forecast from 2.2 percent to 2.1 percent. Recommended The European Central Bank building While eurozone inflation has fallen from a high of 10.6 percent last year to percent in August, the recent rebound in oil prices has raised concerns that the disinflation process will be bumpy. The deteriorating outlook for the eurozone economy was reflected in the ECB cutting its growth forecast for this year from 0.9 percent to percent and for next year from 1.5 percent to 1. percent.
Eric Dor, an economics professor at the IESEG School of Management in Paris, said Europe appeared headed for a period of persistent inflation and stagnant growth. "Stagflation is now very plausible in the eurozone," he wrote on the social networking site X, formerly called Twitter.Corporate email, the company's restaurant and hotel reservation systems remain offline as a result of the attack, as do digital room keys. MGM filed an 8-K report with the Securities and Exchange Commission on Wednesday noting that on Tuesday the company issued a press release "regarding a cybersecurity issue involving the Company." 8-Ks, as a general rule, are filed when publicly traded companies want to notify the SEC of an event that may have a material effect on the company. An MGM spokesperson confirmed that the company considers the incident material.
The decision was the ECB's most consequential in more than a year, with more moderate members of the governing council advocating a pause due to signs of weaker growth, a slowdown in bank lending, a cooling Job Function Email Database labor market and a fall in inflation. But hawks worried that inflation was still too high. The ECB raised its inflation forecast for this year from 5.4 percent topercent and for next year from 3 percent to 3.2 percent. But it cut its 2025 inflation forecast from 2.2 percent to 2.1 percent. Recommended The European Central Bank building While eurozone inflation has fallen from a high of 10.6 percent last year to percent in August, the recent rebound in oil prices has raised concerns that the disinflation process will be bumpy. The deteriorating outlook for the eurozone economy was reflected in the ECB cutting its growth forecast for this year from 0.9 percent to percent and for next year from 1.5 percent to 1. percent.
Eric Dor, an economics professor at the IESEG School of Management in Paris, said Europe appeared headed for a period of persistent inflation and stagnant growth. "Stagflation is now very plausible in the eurozone," he wrote on the social networking site X, formerly called Twitter.Corporate email, the company's restaurant and hotel reservation systems remain offline as a result of the attack, as do digital room keys. MGM filed an 8-K report with the Securities and Exchange Commission on Wednesday noting that on Tuesday the company issued a press release "regarding a cybersecurity issue involving the Company." 8-Ks, as a general rule, are filed when publicly traded companies want to notify the SEC of an event that may have a material effect on the company. An MGM spokesperson confirmed that the company considers the incident material.