European Central Bank policymakers worry that rising government spending in countries such as France could halt the fall in inflation, bolstering their resolve to avoid overpromising more interest rate cuts.
The ECB’s benchmark deposit rate will almost certainly stay on hold at 3.75 per cent on Thursday, with investors’ attention focused on what happens at the following vote in early September and beyond. But anyone seeking a clear signal on what comes next could be disappointed.
While rate-setters are increasingly sure price pressures in the Eurozone have been tamed, many feel that a repeat of the strong hints delivered ahead of their June cut could backfire.
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