Euro Zone Inflation Holds at ECB Target, Supporting Case for Steady Rates

Euro zone inflation held steady at the ECB's 2% target in July, confirming the bank's benign view on prices and strengthening the case for policymakers to keep interest rates on hold for some time after rapidly cutting borrowing costs.

The ECB halved its key rate to 2% in the year to June and predicted that inflation would hover near its target over the medium term, reducing the need for further action, even if the outlook was unusually uncertain given trade tensions with the U.S. and geopolitical volatility. 

At 2%, inflation was a touch above expectations in a Reuters poll of...

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