ECB accounts note few members saw a case for keeping interest rates at current levels ...Middle East

The near-term temporary inflation undershoot should be looked throughMembers considered that the risks to economic growth remained tilted to the downsideThe main downside risks included a possible further escalation in global trade tensionsThe euro had appreciated strongly since early MarchHigher tariffs and the recent appreciation of the euro should weigh on exportsTrade tensions and elevated uncertainty had clouded the economic outlookDownside pressure to inflation could come from energy prices falling further and the euro appreciating more stronglyBut in all scenario projections, main impact on activity and inflation appeared to stem from higher policy uncertainty rather than from the direct impact of higher tariffsFull account

The ECB is on pause mode through the summer, so this mainly just reaffirms that for the most part.

This article was written by Justin Low at www.forexlive.com.

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