➦ Economics Week Ahead
United States: Personal Income & Spending, New Home Sales | G10 Economies: Australia CPI | Emerging Markets: Brazil GDP

➦ Economics Week Ahead
United States: FOMC Minutes, Housing Starts | G10 Economies: Canada CPI, UK Labor Market Overview & CPI | Emerging Markets: China Retail Sales & Industrial Production

➦ Economics Week Ahead
United States: CPI, Retail Sales | G10 Economies: U.K. GDP | Emerging Markets: Brazil CPI

➦ Economics Week Ahead
United States: Employment | G10 Economies: Reserve Bank of Australia Policy Rate, Canada Labor Force Survey | Emerging Markets: Banxico Policy Rate

➦ Economics Week Ahead
United States: FOMC, Personal Income & Spending | G10 Economies: Bank of Japan, Bank of Canada, Bank of England, European Central Bank | Emerging Markets: Brazilian Central Bank, Mexico GDP

➦ Economics Week Ahead
United States: Retail Sales, Kevin Warsh Confirmation Hearing | G10 Economies: Canada CPI, U.K. Labor Market & CPI

➦ Economics Week Ahead
United States: Existing Homes Sales, Tax Day, Fed Speak | G10 Economies: Australia Employment, U.K. Monthly GDP | China GDP

➦ Economics Week Ahead
United States: Personal Income & Spending, Consumer Price Index (CPI) | G10 Economies: Canada Labor Force Survey | Emerging Markets: Reserve Bank of India, Mexico CPI, Brazil CPI

➦ USA: Nearly two weeks into the conflict with Iran, energy prices have surged, adding fresh inflation risk to an already fragile backdrop.
The FOMC meeting will be the focal point next week, as intensifying stagflation risks put the Fed’s dual mandate in tension.

➦ International: European Central Bank | Bank of Canada | Bank of Japan | Canada CPI | Bank of England Bank Rate | Reserve Bank of Australia Cash Rate | Brazilian Central Bank Selic Rate
Focus On Communication, Not Near-Term Action | On Hold, Policy Asymmetry Shift Away from Near-Term Easing | Tightening Bias Intact, Yet Bar for Immediate Action Is High | Large Drop in Headline Inflation Reflects Base Effects | On Hold, Easing Not Over | Rate Hike Likely Brought Forward | Tempered Easing to Start

➦ USA: The February jobs report was uniformly negative.
Incoming inflation data are likely to confirm that price growth remains stubborn.

➦ International: Canada | U.K. | Mexico | India | Brazil | China
Trade-Related Sectors Likely to Remain a Drag, Weak January Print After a Robust December Increas | Strong Momentum to Start the Year | Oil Price Shock Makes Banxico’s Inflation Outlook More Challenging | RBI Now Firmly on Hold Although Balance of Risk Shifts to Hikes | Our Less Dovish BCB Outlook Slowly Being Priced into Financial Markets | Downside Risks to China GDP Are Starting to Take Shape.

➦ Downside Scenario: EM Vulnerabilities to a Sustained Geopolitical Shock
Should an affordability shock ensue from markets volatility and/or higher non-discretionary expenditures governments may be limited in their ability to respond via fiscal support.

➦ The Conflict with Iran: FAQ with the Team
Emerging market economies are more exposed to events in the Middle East and have more exposure to two-sided risks, but under the assumption of only temporary market disruptions, we do not believe EM central bank preferences for rates are set to change.

➦ USA: The economic data calendar was relatively light this week.
Inflation pressures continue to percolate with few signs of the labor market exiting its soft patch.

➦ International: Eurozone | Australia | China
Broader Disinflation to Keep ECB Asymmetry for Rate Cuts | Q4 Growth Recovery Expected, Driven by Consumption | Weak Consumer Spending and Subdued Export Prices Keep Deflation Pressures Present.

➦ Changing the game: International implications of recent tariff developments
With IEEPA leverage removed, US coercive power has weakened materially.

➦ China’s ascension to top economy delayed…again
As far as comparing our growth and inflation outlooks, the IMF is more pessimistic on China’s growth prospects, at least over the Fund’s forecast horizon (i.e., the next five years).

➦ USA: Broadening Drivers of Growth: Unpacking GDP and Looking Ahead
We had maintained a well-below consensus forecast for fourth quarter GDP and the official release this morning confirmed our suspicions that a government shutdown and a gold-excluded trade balance held back broader growth during the period.

➦ International: Canada | Australia | India | Mexico
Financial markets continue to price near-term Banxico easing, and next week’s biweekly CPI may offer additional insight into whether market participants are getting ahead of themselves or accurately predicting rate decisions in Mexico.

➦ USA: Strong Payrolls Dampen Hopes for Near-Term Rate Cuts
U.S. growth likely slowed at year‑end, but underlying fundamentals remain solid.

➦ International: Growth Rebound to Keep BoJ Hikes in Play
The Takaichi administration’s recent landslide victory has revived concerns around expansionary fiscal policy, contributing to upward pressure on yields and pushing 10-year JGBs to historical highs.

➦ “Conservative Wave” Still Flows With Major Latam Elections Looming
Latin America’s 2nd “Conservative Wave” remains intact as general elections in late 2025 and early 2026 resulted in right-leaning policy platforms being voted into office.

➦ USA: The Labor Market Is Not Out of the Woods
International: Central Banks Still in the Spotlight

➦ USA: On Hold
International: Global Central Banks Hold Steady as EMs Signal Easing Ahead

➦ Local Economic & Markets Trends Still Consistent With EM Rate Cuts
Emerging market central banks, thematically, have space to tentatively continue cutting interest rates in 2026.

➦ Tariffs as Statecraft: Escalation to Retraction on Greenland
The brief escalation—despite its abrupt reversal—serves as a stress test of global alignment. Greenland‑linked tariff threats didn’t just raise economic risks in the U.S. as well as Europe—they reopened a broader question we’ve been tracking for years: whether the global economy is drifting toward deeper fragmentation.

➦ USA: Economic Growth Sturdy Ahead of the January FOMC
International: Cross-Currents Emerge in China’s Economy

➦ USA: A moderating but resilient U.S. economy
International: Gentle Data Shifts, Anchored Policy Paths

➦ USA: Lukewarm jobs report keeps March rate cut in play
International: Cooling Prices Dominate Global Data

➦ Implications of U.S. intervention in Venezuela
Events in Venezuela are top of mind for market participants, and while developments are associated with an elevated degree of uncertainty, we are not making any changes to our markets or economic forecasts as a result of the deposition of Nicolás Maduro.

➦ USA: More Data, More Questions
International: Global Central Banks Make Final Rate Calls of 2025

➦ Bank of Japan Preview
Bank of Japan (BoJ) policymakers will make their final monetary policy decision of 2025 at the end of this week, and we—alongside the broader consensus—expect a 25 bps rate hike to be delivered.

➦ USA: December rate cut, options left open for January
International: Global Central Banks Holding Steady

➦ Another twist in Brazil’s election, but our base case is unchanged
All in, our pre-endorsement base case scenario for Brazil’s election centered around Lula being unseated next year is unchanged.

➦ USA: Ahead of the December FOMC: Latest data still supportive of a cut
International: Global Crosswinds – Sticky Prices and Softer Signals

➦ USA: Should they stay or should they go?
International: Sluggish Yet Resilient

➦ Diverging growth prospects and narrowing EM outperformance in 2026
In our 2026 Annual Economic Outlook, we mentioned how global growth in the upcoming year is unlikely to match the pace of global expansion experienced in 2025.

➦ USA: Fed on the Fence
International: Mixed Momentum in Global Activity

➦ USA: Labor Market Continues to Tread Water
International: Global Policy Pause: A Week of Holds with One Exception

➦ Latin America Elections Outlook: The Shift to the Political Right is in Motion
Always—but especially over the next twelve months—political developments across Latin America will be paramount for investors and corporates with exposure to the region.

➦ USA: The rate outlook just got cloudier
International: G10 Central Banks Navigate a Foggy Outlook

➦ Bank of Canada Preview: Rate Cut Expected
We now expect the BoC to cut its policy rate by 25 bps to 2.25% at October’s meeting, marking a shift from our prior forecast of a hold through December and through all of 2026.

➦ USA: Put on Pause
International: Soft Signals in a Shifting Landscape

➦ USA: Employment Friday that wasn’t
International: Mix of Economic Data from Advanced and Emerging Economies

➦ Central bank monetary policy space: Q4-2025
Policy Space For G10 and Emerging Market Central Bank Rate Cuts Is Shrinking

➦ USA: Gradually, then suddenly
International: Central Bank Bonanza: Cuts, Holds and Surprises

➦ Bank of Canada Resumes Monetary Easing
The Bank of Canada (BoC) resumed its monetary easing at today’s announcement, lowering the policy rate by 25 bps to 2.50%.

➦ From Bipolar to Tripolar? U.S.-China-EU Bloc World Is Also Possible
Can the world divide itself into three distinct economic blocs? Absolutely.

➦ USA: Gradually, then suddenly
International: Diverging Decisions, Emerging Risks

➦ Argentina’s transition to a post-peronism economy is in flux
In resounding fashion, political parties associated with the left-leaning Peronist ideology defeated candidates associated with President Milei’s La Libertad Avanza (LLA) Party at Buenos Aires Province elections this past weekend.

➦ European central bank pauses again, further easing still possible
The European Central Bank (ECB) held its Deposit Rate steady at 2.00% at today’s monetary policy announcement, keeping its monetary policy stance on hold for the second meeting in a row.

➦ USA: Hiring slows to a crawl
International: Foreign Economies Show Some Resilience, with Inflation Trends Generally Benign

➦ USA: Proceed with caution
International: Soft Spots and Strong Prints in Global GDP Data

➦ France’s fiscal challenges should have limited Eurozone impact
French political and fiscal uncertainties have resurfaced in the past week, with PM Bayrou calling for a confidence vote on September 8 in an effort to consolidate support for the government’s budget proposals.

➦ Powell keeps options open for September rate cut
International: Easing Bias and Uneven Global Data

➦ Reserve Bank of Australia cuts rates, signals a steady easing bias
The Reserve Bank of Australia (RBA) delivered a widely expected 25 bps rate cut at this week’s monetary policy meeting, lowering the Cash Rate to 3.60%, marking its third rate cut this year.

➦ Tariff headwinds meet productivity tailwinds
Mixed Data from Foreign Economies Amid Global Uncertainties

➦ Bank of England continues gradual and careful rate cuts
The Bank of England (BoE) cut rates by 25 bps to 4.00% at today’s announcement,although its accompanying commentary was noticeably hawkish in tone.

➦ One more and done for Banxico?
Banxico’s August meeting was rather uneventful as most actions taken by Mexico’s central bank were largely anticipated.

➦ The Week Data Converged to Reveal a Clear Slowing in Activity
Foreign Central Banks at the Forefront

➦ Housing Market Enters an Early Winter
European Central Bank Pauses, and So Do Europe’s Economies

➦ Economic data clears the bar, but doesn’t raise it
Mixed Signals from Foreign Economies

➦ Dog Days of Summer
Down Under Central Banks Take Rate Cut Time-Outs

➦ Argentina travel takeaways
The International Economic research team recently traveled to Argentina to meet with a range of market participants.

➦ Brazil’s post-tariff threat economic & electoral outlook
Tariff threats have injected new volatility into Brazilian financial markets, but while we do not believe levies will have a material impact on Brazil’s economy, tariffs could give President Lula a new platform to rally support ahead of presidential elections next year.

➦ Perhaps the key to economic happiness is low expectations
From Asia to Europe: Business Sentiment, Inflation Trends and Policy Shifts

➦ Keep calm, carry on: EM central banks still set to ease
A geopolitical shock in the Middle East, steady Fed monetary policy and more resilient global growth are unlikely to disrupt central bank easing cycles across the emerging markets.

➦ Stag before flation
Tentative Growth and Tempered Inflation: Global Economic Signals Remain Mixed

➦ Middle east global economic impact: Scenario analysis
We revised our global GDP forecast higher and now forecast the global economy to grow 2.7% in 2025, up from 2.3% last month.

➦ One day or another: FOMC still in wait-and-see mode
More Daylight, More Monetary Policy Decisions

➦ 2025 Mid-Year International Economic Outlook
We revised our global GDP forecast higher and now forecast the global economy to grow 2.7% in 2025, up from 2.3% last month.

➦ Few signs of tariff inflation
International Market Fixation on Inflation Nation

➦ Unwinding the tide. Latin America’s shift to the political right
Left-leaning policy platforms gathered momentum across Latin America after COVID, sparking the region’s second “Pink Tide” political phenomenon.

➦ An orderly slowing, for now
European Central Bank Cuts Rates, Maintains Modest Easing Bias

➦ European Central Bank continues rate cut cycle
The European Central Bank (ECB), in a widely expected decision, lowered its Deposit Rate by 25 bps to 2.00% at today’s announcement, while its accompanying statement contained both dovish elements and some more constructive elements.

➦ Swiss deflation confirms likely June policy rate cut
The release of Switzerland’s CPI report for May should be enough, in our view, for the Swiss National Bank (SNB) to cut rates at its upcoming June 19 meeting. The headline CPI fell 0.1%, the first foray into deflationary territory since early 2021, while a continued disinflationary trend was evident for underlying price measures.

➦ Waiting for clarity
Global GDP Growth Galore!

➦ New Zealand Central Bank to slow its policy rate descent
In a widely expected decision this week, the Reserve Bank of New Zealand (RBNZ) lowered its Official Cash Rate by 25 bps to 3.25%.

➦ The old versus the new
Foreign Economies Start 2025 on Surprisingly Solid Note

➦ Despite RBA’s dovish rate cut, easing likely to remain on a gradual path
In a widely expected move, the Reserve Bank of Australia (RBA) delivered a 25 bps rate cut at this week’s monetary policy announcement, the second rate cut this year, bringing its Cash Rate to 3.85%.

➦ Brazilian Central Bank not done hiking yet
We are adjusting our outlook for the Brazilian Central Bank (BCB), and now forecast one last 25 bps rate hike to be delivered at the June Copom meeting.

➦ Sentiment is cratering but hard data signal only a stalling
Foreign Economies Start 2025 on Surprisingly Solid Note

➦ Rising after the thaw: China’s economy post-trade truce
The U.S. and China agreed to temporarily roll back tariff rates on each other this past weekend.

➦ Risks have risen (but haven’t materialized yet)
Foreign Central Banks in Focus

➦ Bank of England cuts rates, signals gradual and careful monetary easing
The Bank of England (BoE) delivered a widely anticipated 25 bps rate cut at today’s announcement, bringing the policy rate down to 4.25%.

➦ Easier to ease. Emerging market central banks can loosen the policy reins
In the background of a more contentious tariff environment policymakers at emerging market central banks have mostly communicated caution in regard to easing monetary policy.

➦ Steady hiring, wilting confidence and a yawning trade gap
International: Economics Is Like a Box of Chocolates

➦ International Economic Outlook: April 2025
International: Economics Is Like a Box of Chocolates

➦ Holding the line
European Sentiment Underwhelms Amid Heightened Uncertainty

➦ Economic growth holding on, for now
Foreign Central Bank Policy Decisions Come Amid Heightened Uncertainty

➦ Thank you for your attention to this matter!
Foreign Central Banks in Dovish Mood as Trade Tensions Persist

➦ Liberation day
Meanwhile Everywhere Else…

➦ Strategic implications of “Liberation Day”
Liberation Day in the United States came with extremely protectionist and inward-looking tariff policy aimed at just about all U.S. trading partners. In this report, we outline some of the more strategic implications of Liberation Day and developments we will be paying close attention to going forward.

➦ They say waiting is the hardest part
Tariff Policy Remains Top of Mind

➦ February bounce more likely a head fake
Active Week for Foreign Central Bank Announcements

➦ Hard to get a clear view on restless waters
Mix of Economic News and Data from Global Economies

➦ March Flashlight for the FOMC Blackout Period On Hold Through the Policy Fog
A moderation in economic activity since the FOMC last met in January is unlikely to shift the Committee out of wait-and-see mode at its upcoming meeting on March 19. We look for the Committee to maintain its target for the fed funds rate at its current range of 4.25%-4.50%.

➦ Consumer hibernation
Global GDP Growth Data Galore

➦ February 2025
We have made adjustments to the tariff assumptions underlying our global economic and FX outlook.

➦ FOMC in No Hurry
Global Economic Activity and Price Data Are in the Air

➦ January 2025
We have made modest upward revisions to our 2025 global GDP forecast, and now expect global growth of 2.7%.

➦ It Felt Like Much Longer than a Week
Foreign Central Banks Lower Rates

➦ Economic momentum holding, for now
Foreign Central Bank Bonanza!

➦ Changing of the guard
Tariff Discussions Circulate During Trump’s First Week

➦ A matter of conditioning and a matter of fact
In with the New: Updated Economic Data from Economies Around the Globe

➦ That’s a Wrap
Brazilian Real Responds to a Lack of Fiscal Credibility

➦ The Song Remains the Same
Potpourri of Global Economic Events and Data

➦ Inflation redux
Mix of Economic Data from G10 and Emerging Economies

➦ Bank of England takes it easy on monetary easing
The Bank of England (BoE) delivered a widely expected 25 bps policy rate cut to 4.75% at today’s monetary policy announcement.

➦ It’s Halloween. Everyone’s entitled to one good scare.
Bank of Japan Holds Policy Steady Amid Political Uncertainty

➦ Global Takeaways of the U.S. Election
In this report, we examine some thematic and global takeaways from the U.S. election.

➦ Move on up
Bank of Canada Quickens Monetary Easing, Eurozone Economy Continues to Struggle

➦ Fall Data and It’s the Same
European Central Bank Delivers Back-to-Back Rate Cuts, Hints at More to Come

➦ European Central Bank delivers back-to-back rate cuts
In a widely expected decision, the European Central Bank (ECB) cut is policy rate 25 bps to 3.25% at today’s announcement.

➦ Jobs up, rate cut expectations down
Faster Rate Cuts from the ECB Likely

➦ Recalibrating the monetary policy stance
Central Bank Rate Divergences Are Apparent Again

➦ International Economic Outlook: September 2024
With the Federal Reserve opting to front-load policy rate cuts in September, we have made notable changes to our fed funds rate forecast.

➦ Firmer Inflation Tilts the Scales Toward 25
European Central Bank Continues Carefully Along Its Rate Cut Path

➦ To pivot from pause. Asian central banks are ready to cuts
With the Federal Reserve signaling the start of an easing cycle in September, U.S. Treasury yields have fallen and the U.S. dollar has displayed modest weakness.

➦ European Central Bank Continues Carefully Along Its Rate Cut Path
The European Central Bank (ECB) delivered a widely expected 25 bps cut to its Deposit Rate to 3.50% at today’s monetary policy announcement, but remained relatively cautious about the pace of future easing.

➦ The search for clues continues
Eyes On Global Monetary Policy Decisions Ahead as Summer Comes to a Close

➦ A snapshot of major economy productivity and costs
One important theme during 2024 has been the transition of G10 central banks toward easier monetary policy.

➦ Solid activity raises questions about the degree of policy easing
Steady U.K. Growth, Gradual Inflation Slowdown Mean Measured Central Bank Easing

➦ International Economic Outlook: August 2024
This month, we continue to forecast 2024 global GDP growth of 2.9% and global CPI inflation of 3.6%.

➦ Riksbank cuts rates, hints at faster easing ahead
Sweden’s central bank—the Riksbank—lowered its policy rate 25 bps to 3.50% at today’s monetary policy announcement, its second rate cut this year.

➦ A wild week in a data desert
Mixed Week for Foreign Central Banks, International Data

➦ Policy rates & politics to support Mexico’s currency rebound
Mexico’s central bank restarted its easing cycle last week and signaled a tentative preference to ease monetary policy further going forward. Policymakers seemed focused on slowing growth and core inflation rather than currency volatility, and as a result, we have adjusted our Banxico policy rate forecast lower.

➦ Reserve Bank of New Zealand pivots to rate cuts
The Reserve Bank of New Zealand (RBNZ) kicked off its rate cut cycle at this week’s meeting, lowering its policy interest rate by 25 bps to 5.25%.

➦ “The Downside Risks to the Employment Mandate Are Real Now”
Global Central Banks Getting Busy

➦ Economic resilience or reticence?
Bank of Canada Doubles Down on Monetary Easing

➦ Bank of Japan hikes rates further, slows bond buying
The Bank of Japan (BoJ) sprung a mild surprise at today’s announcement, raising its policy rate to around 0.25%, from around 0% to 0.1% previously.

➦ Bank of England joins Central Bank rate cut club
TThe Bank of England (BoE) joined the growing group of G10 central banks that have eased monetary policy, by delivering an initial 25 bps policy rate cut to 5.00% at today’s monetary policy announcement.

➦ Fed’s Challenge: Making Sure Fire Is Out vs. Water Damage
Some Encouraging Signs in Japanese Wage Growth and U.K. Economic Recovery

➦ No Fireworks from the June Jobs Report
Japan’s Tankan Survey Keeps Recovery Outlook Within Reach

➦ U.K.: Firming Growth, Lingering Inflation, Suggest Cautious Bank Of England
The first half of 2024 has seen a gradual, but clearly perceptible, improvement in U.K. economic momentum. Q1 GDP rose 0.7% quarter-over-quarter, while more recent sentiment and activity data point to ongoing growth in Q2.

➦ The Geopolitical Influence on Global Trade
Geopolitics have been top of mind over the past few years as geopolitical developments have, at times, rattled financial markets and disrupted global economic activity. So far, geopolitical events have only caused temporary bouts of market volatility and activity disruptions; however, geopolitics may be causing structural changes to the way countries around the world interact with each other and, in turn, the functioning of the global economy.

➦ It may be hot outside, but inflation is finally cooling
Bird Food: Some Dovish Central Bank Rate Holds Amid Lighter Global Data Week

➦ Service Providers Spark Concern in June ISM
The ISM services index slipped into contraction for the second time in three months, sparking concern for service-sector resilience. But the outturn may overstate current weakness as the details are more consistent with a moderating rather than contracting sector.

➦ Despite Import Decline, Net Exports to Slice Q2 Real GDP Growth
The U.S. international trade balance worsened for the second straight month in May, leaving the deficit at its widest position since late 2022. A resilient domestic U.S. economy and steady dollar strength are supportive of a widening deficit this year. Net exports are now tracking to slice a full percentage point or more from Q2 real GDP growth. sector.

➦ Economic data more rice & beans than steak & eggs
Global Central Bank Decisions Galore

➦ International Economic Outlook: Mid-Year Outlook 2024 update
Despite challenges—mostly geopolitical and monetary policy related—the global economy has been resilient over the first half of 2024.

➦ Inflation Cools as Summer Begins
Bank of Japan Holds Steady, but Signals Further Normalization Ahead

➦ Australia & New Zealand: Mid-year macro update
The Reserve Bank of Australia (RBA) held its policy rate steady at 4.35% this week, while its accompanying statement was generally hawkish in tone. The RBA said inflation remains above target and is proving persistent. At the post-meeting conference, RBA Governor Bullock said policymakers discussed the case for a rate hike, but did not consider a rate cut.

➦ Bank of Japan pauses along its policy normalization path
The Bank of Japan (BoJ) did not make any meaningful policy changes at its June 13-14 meeting, reiterating that it would encourage the uncollateralized overnight call rate to remain at around 0.0%-0.1% and would conduct bond purchases in accordance with the decision made at its March monetary policy meeting.

➦ July cut bites the dust; September hanging on edge of its seat
G7 Central Banks Ease into Summer with Rate Cuts

➦ Which EM sovereign credit ratings are due for adjustments?
In this report, we update our sovereign credit ratings framework and offer insight into which emerging market sovereigns could see notable adjustments to their credit ratings in the coming quarters.

➦ Bank of Canada Eases Into Monetary Easing
The Bank of Canada (BoC) embarked on its monetary easing cycle last week with a widely expected 25 bps policy rate cut, to 4.75%.

➦ May-laise
South Africa Heading for Coalition Government; China’s Economy Remains Under Pressure

➦ High mortgage rates burden homebuyers
Foreign Economies Show Mixed Inflation Trends amid Ongoing Economic Expansion

➦ Let’s wait and see
Mixed Data from Foreign Economies

➦ South Africa 2024 presidential election scenario analysis
Next up on the 2024 global election calendar is South Africa. Voters in Africa’s most industrialized nation will head to the polls May 29 amid a backdrop of local economic stagnation and a potential desire for policy change.

➦ International Economic Outlook: May 2024
The global economy faces a myriad of challenges; however, global economic growth remains resilient. With that said, the composition of global growth is starting to change as the U.S. economy is showing clearer signs of deceleration, while major foreign economies are demonstrating signs of recovery.

➦ The calm before the storm
Another Busy Week for Foreign Central Banks

➦ Bank of England Closing In On Rate Cuts
The Bank of England held its policy rate at 5.25% at today’s monetary policy announcement, but offered a dovish outlook that suggests rate cuts are now approaching.

➦ April Brings Signs of Cooling in Economic Growth
Eurozone Growth Gradually Recovering, Eurozone Inflation Gradually Slowing