منطقة اليورو سعر الفائدة

ECB officials delivered an eighth straight interest rate cut last month to safeguard inflation expectations and prevent unwarranted tightening in financial conditions, the minutes of the June 3–5 meeting showed. Policymakers cited “highly uncertain” global conditions, with persistent trade tensions likely to continue and possibly intensify. Amid this uncertainty and the risk of inflation shocks in either direction, officials emphasized the importance of retaining flexibility and avoiding firm forward guidance. A July pause has become increasingly likely, with most officials signaling a preference to wait for clearer data and developments in global trade talks before acting again. Inflation is now projected to fall below the ECB’s 2% target later this year and remain subdued for around 18 months, due to the strong euro, lower energy prices, and cheap imports from China. Markets are now expecting just one more rate cut by year-end, with a potential pivot toward tightening in late 2026.