Focus on ECB Turns to September Meeting

Dow Jones07-20 19:41

1141 GMT - The European Central Bank is set to keep interest rates unchanged this week, with focus turning more to the following meeting, Pimco portfolio manager Konstantin Veit says in a note. "With no new staff projections due until September, the governing council is likely to see value in waiting, particularly given significant changes in energy markets since June," he says. However, lower energy prices, softer-than-expected June inflation, wage growth consistent with the inflation target, and weak economic growth suggest risks are tilted toward fewer hikes than markets price in, he notes. If the ECB ends its hiking cycle with its key rate at or below 2.5%, it will likely seek to preserve policy space and won't reverse the hikes next year, he adds. (edward.frankl@wsj.com)

(END) Dow Jones Newswires

July 20, 2026 07:41 ET (11:41 GMT)

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However, lower energy prices, softer-than-expected June inflation, wage growth consistent with the inflation target, and weak economic growth suggest risks are tilted toward fewer hikes than markets price in, he notes. If the ECB ends its hiking cycle with its key rate at or below 2.5%, it will likely seek to preserve policy space and won't reverse the hikes next year, he adds. 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