-- French inflation eased below 3% for the first time in 2 1/2 years and Italy reported a lower-than-expected reading, confirming a trend that has tipped the European Central Bank toward cutting interest rates.Dubai Is Losing Its Allure for Wealthy Russians
With inflation nearing the European Central Bank’s 2% target, most policymakers have backed President Christine Lagarde’s signal that a first interest-rate cut will come in June. Economists and markets share that expectation, with investors almost fully pricing a reduction in the deposit rate to 3.75% from 4% at the institution’s June 6 meeting.
France’s inflation report showed services inflation slowed to 3% in March from 3.2% in February. Manufactured goods also saw a cooling of price increases to 0.1% from 0.4%. A separate report from Insee showed consumer spending in February failed to grow from the previous month, when it declined 0.6%. Economists had expected a 0.2% increase.Federal Reserve Chair Jerome Powell says the central bank is not growing more tolerant of higher inflation even though the latest policymaker projections raised the inflation outlook for the year without triggering a tougher monetary-policy response.
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