Schnabel Says ECB Can’t Pre-Commit Amid Uncertain Price Outlook

-- The European Central Bank is facing high uncertainty about the consumer-price outlook and needs to stay cautious about borrowing costs, according to Executive Board member Isabel Schnabel.Billionaire-Friendly Modi Humbled by Indians Who Make $4 a Day“As the future inflation outlook remains uncertain, we cannot pre-commit to a particular rate path,” she said on Friday in Berlin.

On Thursday, the ECB delivered on its promise to cut borrowing costs but left investors querying where policy is headed next by also saying it will take longer for inflation to reach 2%. The deposit rate was lowered to 3.75% from its record-high of 4%. Inflation in the 20-nation bloc accelerated by more than anticipated to 2.6% in May. Even more worrisome for officials was a surge in services prices, and the unexpected strengthening of underlying pressures.Stocks are about to hit a 'wall of money' that will drive the market to record highs in July, Goldman Sachs says

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