Norbolsa | Christine Lagarde has declared that they are very close to bringing inflation to target, while warning that services inflation still requires close monitoring. The other focus of questions is around the impact of Trump’s tariff measures, again coming out in defence of free trade and the danger of such policies. The Governor of the Irish Central Bank, Gabriel Makhlouf, also said that Trump’s policies are unpredictable, and is more likely to continue to cut rates gradually, while monitoring services inflation.
The ECB is likely to cut rates three times -25bp over 2025 (to the 2.25 level), which we expect to be concentrated at the beginning of the year.
