ECB governing council holds ‘retreat’ in Kilkenny before June rate cut

The Mount Juliet hotel and golf resort in Co Kilkenny is playing host to an ECB governing council retreat this week.

The 26 members of the council, led by president Christine Lagarde and including Central Bank of Ireland governor Gabriel Makhlouf and the ECB’s Irish chief economist, Philip Lane, are staying at the hotel and golf venue amid heavy garda security.Members of the council are expected to unofficially discuss the future pace of rate cuts on the sidelines of the gathering.

“Depending on the incoming data and our new Eurosystem staff projections, a rate cut in June may be appropriate,” Ms Schnabel said. “But the path beyond June is much more uncertain. Recent data have confirmed that the last mile of disinflation is the most difficult.” While short term debt markets – or money markets – had been pricing in the prospect of 1.5 percentage points of rate cuts this year in early January, they are currently predicting 0.67 of a point of reductions, according to Bloomberg data.

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