European Central Bank Holds Interest Rates Unchanged, Keeps Markets Guessing On September Rate Cut
European Central Bank Holds Interest Rates Unchanged, Keeps Markets Guessing On September Rate Cut
The European Central Bank (ECB) kept its key interest rates unchanged at its July meeting, aligning with market expectations.
欧洲央行（ECB）在七月份的会议上未改变其关键利率，与市场预期保持一致。
The Governing Council did not provide specific guidance on future policy, stating they were "not pre-committing to a particular rate path," slightly chilling market expectations which are heavily betting on a September rate cut.
管理委员会没有对未来的政策提供具体的指导，表示他们“不会承诺任何特定的利率路径”，这使得市场预期略有降温。
The deposit rate remains at 3.75%, the refinancing rate at 4.25%, and the marginal lending rate at 4.5%. These rates were previously reduced by 25 basis points during the June meeting, marking the first rate cut by the ECB since 2019.
存款利率保持在3.75％，再融资利率为4.25％，边际借贷利率为4.5％。这些利率在6月份的会议上已经被削减了25个基点，这是ECB自2019年以来的首次降息。
Domestic Price Pressures, Services Inflation Remain Elevated
国内物价压力，服务业通胀仍然居高不下。
Although some measures of underlying inflation ticked up in May due to one-off factors, most metrics were either stable or edged down in June. The inflationary impact of high wage growth has been mitigated by profits, and monetary policy continues to keep financing conditions restrictive, according to Frankfurt.
尽管由于一些一次性因素，部分基础通胀指标在5月份出现小幅上升，但大多数指标在6月份要么保持稳定，要么下降。高工资增长的通胀影响已经被利润消减，货币政策仍然保持着融资条件的限制性，根据法兰克福的说法。
However, "domestic inflation remains high. Wages are still rising at an elevated rate, making up for the past period of high inflation," ECB President Christine Lagarde stated.
然而，欧洲央行主席克莉丝汀·拉加德表示：“国内通货膨胀仍然很高。工资仍在以较高的速度上涨，补偿了过去的高通胀时期。”
Services inflation is considered elevated, and headline inflation is likely to stay above the ECB's target well into next year.
服务业通胀被认为居高不下，总体通胀预计将在明年初保持在欧洲央行的目标以上。
Meeting By Meeting, Data-Dependent Approach
会议与会议，数据依赖性的方法。
"The risks to economic growth are tilted to the downside. A weaker world economy or an escalation in trade tensions between major economies would weigh on euro area growth," Lagarde said.
“经济增长的风险偏向下行。全球经济疲弱或主要经济体之间的贸易紧张局势将对欧元区的增长产生影响。”拉加德说。
The ECB remains determined to ensure that inflation returns to its 2% medium-term target in a timely manner. European policymakers stated they will keep policy rates sufficiently restrictive for as long as necessary to achieve this goal, following a data-dependent and meeting-by-meeting approach.
欧洲央行仍然决心确保通货膨胀及时返回到其2％的中期目标。欧洲决策者表示，他们将保持足够限制性的政策利率，以达到这个目标，采取数据依赖性的会议方式。
Market Reactions
市场反应
The euro, as tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:FXE), held broadly steady against the U.S. dollar at 1.0930.
欧元指数（Invesco CurrencyShares Euro Currency Trust（NYSE：FXE））兑美元保持稳定，为1.0930。
European equity markets rose Thursday, with the broader Euro STOXX 50 Index, as tracked by the SPDR DJ Euro STOXX 50 ETF (NYSE:FEZ), rose 0.7%. France was the top performer among major European countries, with the CAC 40 index, as monitored through the iShares MSCI France Index Fund (NYSE:EWQ), rising 0.9%.
欧洲股票市场周四上涨，由SPDR DJ欧元STOXX 50 ETF（纽交所：FEZ）跟踪的更广泛的欧元STOXX 50指数上涨了0.7％。法国是主要欧洲国家中表现最好的，随着iShares MSCI法国指数基金（纽交所：EWQ）所监测的CAC 40指数上涨了0.9％。
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Photo: Shutterstock
Photo: shutterstock
