ECB accounts: Uncertainty calls for caution in policy-setting and especially communication ...0

It was argued that it was no longer possible to be confident that monetary policy was restrictiveIt was suggested that the balance was increasingly shifting towards the transmission of rate cutsReplacing “monetary policy remains restrictive” with “monetary policy is becoming meaningfully less restrictive” was widely seen as a reasonable compromiseLikely shocks on the horizon, including from escalating trade tensions, and uncertainty more generally, risked significantly weighing on growthThese factors could increase the risk of undershooting the inflation target in the medium-termRecent appreciation of the euro and the decline in energy prices, together with the cooling labour market and well-anchored inflation expectations, mitigated concerns about upside risks to inflation more generallyIt was argued that being prudent in the face of uncertainty did not necessarily equate to being gradual in adjusting the interest rateFull accounts This article was written by Justin Low at www.forexlive.com.

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