July 2024 US Manufacturing Business Outlook Survey

The Governing Council today decided to keep the three key ECB interest rates unchanged. The incoming information broadly supports the Governing Council’s previous assessment of the medium-term inflation outlook. While some measures of underlying inflation ticked up in May owing to one-off factors, most measures were either stable or edged down in June. In line with expectations, the inflationary impact of high wage growth has been buffered by profits. Monetary policy is keeping financing conditions restrictive. At the same time, domestic price pressures are still high, services inflation is elevated and headline inflation is likely to remain above the target well into next year. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It will keep policy rates sufficiently restrictive for as long as necessary to achieve this aim. The Governing Council will continue to follow a data-dependent and meeting-by-meeting approach to determining the appropriate level and duration of restriction. In particular, its interest rate decisions will be based on its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary post: ECB Keeps Deposit Facility Rate Unchanged At 3.75%, As Expected - Marginal Lending Facility Rate Unchanged At 4.50% - Main Refinancing Rate Unchanged At 4.25% $EURUSD post: #ECB NOT PRE-COMMITTING TO PARTICULAR RATE PATH - BBG *ECB: SOME MEASURES OF UNDERLYING INFLATION TICKED UP IN MAY *ECB TO CONTINUE APPLYING FLEXIBILITY ON PEPP REINVESTMENTS post: ECB: THE ECB WILL KEEP POLICY RATES SUFFICIENTLY RESTRICTIVE FOR AS LONG AS NECESSARY TO ACHIEVE THIS AIM. post: ECB: WE WILL CONTINUE TO FOLLOW A DATA-DEPENDENT AND MEETING-BY-MEETING APPROACH TO DETERMINING THE APPROPRIATE LEVEL AND DURATION OF RESTRICTION.

In the week ending July 13, the advance figure for seasonally adjusted initial claims was 243,000, an increase of 20,000 from the previous week's revised level. The previous ...