ECB VIEW: RBC Pencil In Two More 25bp Cuts For 1.75% Terminal
Apr-17 16:53
- RBC were “surprised by the ease with which “today’s 25bp cut happened, with “stronger emphasis on downside risks than we expected”.
- They now see 25bp cuts in June and Sept for a terminal of 1.75%.
- Note that this terminal is now in line with the median forecast we’d seen ahead of today’s decision.
- “By June, we should have received a plethora of negative activity indicators and still lack a clear resolution from the ‘reciprocal tariff’ negotiations. September is a good opportunity for a further cut given it is a forecast meeting and the ECB will have seen the Q2 GDP growth numbers.”
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