Lagarde Has Traders Betting That ECB Rate Cuts Are Over

Markets Remain ‘Orderly’

Hawkish Signals Shift Rate Bets

Traders Pare Easing Bets, Indicate Rate-Cut Cycle Is Over

‘Disinflationary Process Is Over’

Growth Risks More Balanced

Lagarde: Labor Market Remains Source of Strength

Lowers 2027 Inflation Projection to 1.9%

Chart of New Forecasts

New Inflation Projections

Rates Unchanged

Decision Guide

FX: Euro Outlook

Inflation Projections

Key Events

Editor

FX Strategist

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