ECB may need to cut rates again in Sept, Rehn says
NEW YORK - The European Central Bank may need to cut interest rates again in September given persistent economic weakness, Finnish central bank chief Olli Rehn said on Monday.
With more and more data coming in about prices and the health of the economy, Rehn has become one the first on the ECB's 26-member Governing Council to offer a view on the appropriate course ahead. Markets see a 90% chance of a 25 bps cut in the deposit rate to 3.5% in September and see at least one more move before the end of the year.
"The bad news relates to the growth outlook: there are no clear signs of a pick-up in the manufacturing sector," Rehn said."We must also consider that the slowdown in industrial production may not be as temporary as assumed."
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