The European Central Bank (ECB) acknowledged the progress made on inflation and left its policy rate unchanged at 4% in March. It did not discuss rate cuts. While the ECB again expressed increased confidence regarding inflation in the eurozone, the Governing Council (GC) refrained from declaring victory. It instead highlighted the need to remain attentive to the different forces affecting inflation and focused on bringing it back to its 2% target. More than three 2024 cuts have been priced out since late last year and market pricing seems more reasonable as a result. At close to four rate cuts this year, market ... (full story)