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ECB's Villeroy: Another rate cut is possible in coming meetings
#ECB VILLEROY: SEVERAL OF US UNDERLINED DOWNSIDE INFLATION RISKS - BBG
*VILLEROY: UPWARD RISKS TO INFLATION ARE LOWER THAN DOWNWARD
*VILLEROY: ANOTHER RATE CUT IS POSSIBLE IN COMING MEETINGS
Christophe Barraud
@C_Barraud *LAGARDE: THE DISINFLATIONARY PROCESS IS NOW OVER FOR EURO AREA - BBG
A lot things look incoherent:
2027 Core CPI forecast cut to 1.8%
Statements on inflation
*LAGARDE: CORE INFLATION TO FALL DUE TO LESS LABOR PRESSURE
*LAGARDE: CORE INFLATION TO FALL DUE TO STRONG EURO
*LAGARDE: WAGE INDICATORS SUGGEST PAY GROWTH TO SLOW FURTHER
*LAGARDE: INFLATION OUTLOOK REMAINS MORE UNCERTAIN THAN USUAL
Desinflation risks are gaining traction:
*China is exporting deflation. The move could intensify with Mexico and other countries on track to put tariffs on China. As a result, exports could be redirected towards Europe with massive discounts.
*EUR NEER is at record high.
*Brent in € remains below 60€.
*French political uncertainty will last, causing slowdown.
*Any breakthrough regarding Ukraine-Russia war could lead to deflation in many sectors.
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