Financial News: ECB's Centeno Says Seeing "First Doubts" On Labor

ECB's Centeno Says Seeing "First Doubts" On Labor Market

10/04/2024 - 12:23:00 (RTTNews)

(RTTNews) - European Central Bank policymaker Mario Centeno said on Friday that inflation in the euro area is under control but expressed concern over early signs of cooling in the labor market, reports said.

"The topic of growth in Europe is central.we have started to see the first doubts in the <a href=https://www.rttnews.com/3478963/eurozone-jobless-rate-steady-at-6-4.aspx target=_blank >labor market</a>," Centeno, who is the governor of the Bank of Portugal, said in a speech at the La Toja forum in Spain.

Inflation is now close to the 2 percent target in Eurozone, the central banker said. <a href=https://www.rttnews.com/3478648/eurozone-inflation-falls-below-2-target.aspx target=_blank >Eurozone inflation fell to 1.8 percent in September</a>, below the 2 percent target for the first time in more than three years and raised speculation of faster interest rate cuts from the European Central Bank.

Core inflation that excludes prices of food, energy, and alcohol and tobacco eased only marginally to 2.7 percent.

The <a href=https://www.rttnews.com/3474832/ecb-cuts-interest-rates-on-weaker-eurozone-growth-outlook.aspx target=_blank >ECB lowered interest rates for a second time</a> thus far this year in September. The Governing Council, led by ECB President Christine Lagarde, lowered the deposit facility rate, which is the new policy rate, by 25 basis points to 3.50 percent.

In June, the <a href=https://www.rttnews.com/3452830/ecb-cuts-rates-by-25-bps-as-expected-on-improving-inflation-outlook.aspx target=_blank >ECB cut interest rates for the first time since 2019</a>, citing an improvement in the inflation outlook. In July, the bank opted for a pause. The central bank for the single currency bloc is expected to announce another quarter-point reduction in the October 16-17 policy session.

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