ECB'S DE GUINDOS: ECB HAS TO KEEP COOL HEAD, BE CAUTIOUS ON RATES

Spanish First Vice President of the ECB, Luis de Guindos, emphasized the need for a cautious approach to monetary policy, reiterating that the ECB must maintain a "cool head" amid evolving inflation dynamics. His comments underscore the central bank's concern about premature rate cuts potentially reigniting inflationary pressures, highlighting the delicate balance between growth support and price stability. This dovish-leaning caution is likely to weigh on peripheral eurozone bond markets and cap steepening in the yield curve, as traders adjust expectations for future rate cuts. The euro and short-term interest rate futures remain sensitive to any shifts in the ECB’s forward guidance on disinflation progress. Traders will closely watch the upcoming ECB accounts and June inflation print for confirmation of the policy path.

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