The ECB delivered the widely anticipated first 25bp rate cutbut kept its forward-looking guidance vague. Lagarde noted there was a 'strong likelihood' the ECB would dial back the restrictiveness of their monetary policy going forward but was not ready to pre-commit or even discuss the possible timing of the next cut. The updated economic projections underscored the cautious tone as both headline and core inflation forecasts were revised higher through 2024-2025.
Lagarde saw growth risks better balanced going forward, which rhymes well withour updated economic projectionsin the latestNordic Outlook - Warmer than expected, 4 June. We revised our 2024 growth forecasts slightly higher across the euro area, the US and China. Forecasts for the Nordic economies remained little changed, with Sweden and Denmark still seeing stronger growth already this year while Finland lags behind.
Macroeconomics CPI
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