Take it slow… At least, that seems to be the modus operandi for the European Central Bank as it unanimously voted to leave its key lending rates unchanged on July 23rd. Although this was broadly expected given that it was just six weeks prior that it tightened for the first time since 2023, a lot has happened since then, including Brent oil pushing through $100. The bank did acknowledge the volatile rally in energy, but that the outlook still stands “close to the baseline” of its June projections. There were, however, “some governors” who questioned the need for a rate hike at the meeting, but the decision to hold ... (full story)