ECB Could Make Back-to-Back Summer Rate Cuts, Simkus Says

-- The European Central Bank could lower borrowing costs in both June and July, should disinflation in the euro zone be stronger than anticipated, Governing Council member Gediminas Simkus said.The Lithuanian official said Europe can afford a “less restrictive monetary-policy stance” when the ECB meets in seven weeks’ time. But he said that initial reduction in the deposit rate — currently at a record-high 4% — is just part of a “series” of steps.

Speaking earlier Thursday, Austria’s Robert Holzmann said ECB policy probably can’t stray “too far away” from that of the Fed, and again stressed concerns over geopolitical uncertainty. Fox NewsSen. James Lankford , the GOP co-architect of the Senate’s failed immigration bill earlier this year, made what were perhaps his most critical comments yet on Donald Trump’s role in scuttling the legislation, alluding to Fox News Thursday that the former president was motivated by his political self-interest.On Your World, Lankford was confronted by anchor Neil Cavuto about the players behind the bill’s demise.

OTTAWA — The head of Canada's largest labour organization is calling Pierre Poilievre a "fraud" for portraying himself as a friend of the working class. Canadian Labour Congress Bea Bruske wants union leaders to do everything they can to expose him before the next federal election. Bruske delivered her call to arms today as delegates gathered in Ottawa to plot strategy ahead of the vote, which must happen before October 2025.

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ECB Jostling Over Back-to-Back Summer Cuts Has Already BegunThe European Central Bank (ECB) is already discussing the possibility of implementing back-to-back interest rate cuts this summer.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

ECB Jostling Over Back-to-Back Summer Cuts Has Already BegunEuropean Central Bank interest-rate setters are starting to position themselves for the next debate as a first cut in June becomes increasingly certain and inflation continues to slow.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Handful of ECB Officials Needed Extra Convincing to Back Hold(Bloomberg) -- As many as five European Central Bank Governing Council members appeared to take longer than some of their peers to be convinced of keeping interest rates steady at Thursday’s policy meeting, people familiar with the matter said.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Austrian central bank governor calls for end to ECB subsidy for commercial banksAustrian central bank Governor Robert Holzmann has called for the European Central Bank (ECB) to stop subsidizing commercial banks and reduce interest payments on the cash they receive from the ECB. Holzmann argues that the current structure places a major burden on the financial outcomes of central banks and that deficits cannot be sustained indefinitely. The issue stems from the ECB's quantitative easing program, which has led to commercial banks parking excess liquidity at the ECB at a 4% rate.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »