Gold Gives Up Initial Rally on Wednesday

In September 2024, compared with August 2024, seasonally adjusted industrial production decreased by 2.0% in both the euro area and the EU, according to first estimates from ...

In the third quarter of 2024, seasonally adjusted GDP increased by 0.4% in the euro area and by 0.3% the EU, compared with the previous quarter, according to a flash estimate ...

Thank you for your generous introduction, Marcela, and thank you for the opportunity to be here and speak to you today.1 I believe I am the first central banker from the U.S. to ...

Ms Schnabel noted that since the Governing Council’s previous monetary policy meeting on 11-12 September 2024, policy rate expectations had shifted back and forth. Incoming data had made it challenging for market participants to price in the speed and extent of both disinflation and the monetary policy easing cycle. The key drivers of financial market developments since the September meeting had been a sluggish euro area economy, a robust US economy and rising and volatile commodity prices. The combination of weaker euro area macroeconomic data and higher commodity prices had affected the market’s view of the inflation outlook and the perceived balance of risks to inflation. Inflation fixings (swap contracts linked to monthly releases of the Harmonised Index of Consumer Prices excluding tobacco) had recently shifted upwards significantly, reversing part of the decline seen following the Governing Council’s July meeting, when energy prices had dropped notably. These swings in investors’ view of the inflation outlook illustrated the significant impact of energy prices on inflation expectations. At the same time, market-based indicators of risks to inflation based on option pricing remained tilted to the downside over the near and medium term, although they had become more balanced recently, while risks to the longer-term inflation outlook had become tilted to the upside again. post: ECB ACCOUNTS: UPSIDE RISKS TO INFLATION WERE NOW ALSO SEEN AS LOWER, ECB ACCOUNTS: INFLATION WOULD PROBABLY NOW REACH THE 2% TARGET SOMEWHAT EARLIER. post: ECB Accounts: Disinflationary Process Was Well On Track. Inflation Had Turned Out Lower Than Expected In September And Was Close To Target post: ECB ACCOUNTS: A FEW MEMBERS INITIALLY EXPRESSED A VIEW THAT THEY WOULD HAVE PREFERRED TO ACCRUE MORE INFORMATION AND TO WAIT UNTIL DECEMBER. post: ECB Accounts: Acting Now Could Provide Insurance Against Downside Risks That Could Lead To An Undershooting Of The Target Further Ahead And Would Support A Soft Landing.