Europe | The ECB does not close the door to early rate cuts

All in all, today's ECB meeting did not provide much new information. As anticipated, no change in interest rates was decided. The focus was on the ECB's tone about the timing of initial rate cuts. The conveyed message was relatively dovish, with Lagarde not ruling out an early cut

Key points

• Key points:
• The ECB keeps rates steady, as broadly expected
• Discussion of rate cuts is seen as premature, but Pres. Lagarde does not close the door to rate cuts in the second quarter
• The ECB seems a moderately less worried on inflation dynamics

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