ECB Not Considering Pause, Lagarde Says, After June Hike

Inflation has been "coming down" in Europe. That's the good news. The bad news: It's "projected to remain too high for too long." So said the ECB in the very first sentence of the new policy statement. The bank raised rates by another 25bps on Thursday, as expected. That brings the cumulative tightening since July of 2022 to 400bps. You're reminded that the ECB started from negative territory. Thanks to ostensible constraints related to sequencing promises in the forward guidance, the first