Area dell'Euro Tasso Di Interesse

The ECB decided to keep interest rates unchanged in July 2024, as expected, as current data supports their previous inflation outlook. The main refinancing operations rate remained at 4.25%, the deposit facility rate at 3.75%, and the marginal lending rate at 4.5%. Some inflation indicators rose in May due to temporary factors, but most stabilized or fell in June. High wage growth's inflationary impact has been mitigated by profits, and monetary policy remains restrictive. Despite this, domestic price pressures and services inflation are still high, with overall inflation expected to stay above target into next year. The Council aims to return inflation to 2% and will maintain restrictive policy rates as needed. Decisions on rates will depend on ongoing economic data, underlying inflation trends, and the effectiveness of monetary policy. The Council is flexible and will adjust rates based on evolving data, without committing to a fixed path.