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.
歐洲央行（ECB）在七月份的會議上未改變其關鍵利率，與市場預期保持一致。
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.
管理委員會沒有對未來的政策提供具體的指導，表示他們“不會承諾任何特定的利率路徑”，這使得市場預期略有降溫。
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％，再融資利率爲4.25％，邊際借貸利率爲4.5％。這些利率在6月份的會議上已經被削減了25個點子，這是ECB自2019年以來的首次降息。
Domestic Price Pressures, Services Inflation Remain Elevated
國內物價壓力，服務業通脹仍然居高不下。
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.
儘管由於一些一次性因素，部分基礎通脹指標在5月份出現小幅上升，但大多數指標在6月份要麼保持穩定，要麼下降。高工資增長的通脹影響已經被利潤消減，貨幣政策仍然保持着融資條件的限制性，根據法蘭克福的說法。
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，歐洲央行主席克莉絲汀·拉加德表示：“國內通貨膨脹仍然很高。工資仍在以較高的速度上漲，補償了過去的高通脹時期。”
Services inflation is considered elevated, and headline inflation is likely to stay above the ECB's target well into next year.
服務業通脹被認爲居高不下，總體通脹預計將在明年初保持在歐洲央行的目標以上。
Meeting By Meeting, Data-Dependent Approach
會議與會議，數據依賴性的方法。
"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.
“經濟增長的風險偏向下行。全球經濟疲弱或主要經濟體之間的貿易緊張局勢將對歐元區的增長產生影響。”拉加德說。
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.
歐洲央行仍然決心確保通貨膨脹及時返回到其2％的中期目標。歐洲決策者表示，他們將保持足夠限制性的政策利率，以達到這個目標，採取數據依賴性的會議方式。
Market Reactions
市場反應
The euro, as tracked by the Invesco CurrencyShares Euro Currency Trust (NYSE:FXE), held broadly steady against the U.S. dollar at 1.0930.
歐元指數（Invesco CurrencyShares Euro Currency Trust（NYSE：FXE））兌美元保持穩定，爲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%.
歐洲股票市場週四上漲，由SPDR DJ歐元STOXX 50 ETF（紐交所：FEZ）跟蹤的更廣泛的歐元STOXX 50指數上漲了0.7％。法國是主要歐洲國家中表現最好的，隨着iShares MSCI法國指數基金（紐交所：EWQ）所監測的CAC 40指數上漲了0.9％。
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。