Lagarde Fails To Dissuade Markets On ECB Rate-Cut Timing

The ECB kept rates on hold for a third consecutive meeting on Thursday. The outcome of the January policy gathering was a foregone conclusion. No one expected much from the proceedings. The question was (and still is) when Christine Lagarde will pivot to rate cuts. The answer is... well, it's complicated. PMIs released this week highlighted the dilemma for the Governing Council. Growth's moribund and inflation's obviously come down dramatically in Europe. Indeed, even the hawks (some of them,