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Centeno does not rule out that ECB will cut 50 basis points in interest rates in June
The governor of the Bank of Portugal (BdP), Mário Centeno, admitted today that there are conditions that justify a cut in the interest rates of the European Central Bank (ECB) of 50 basis points in June.
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Economia Mário Centeno
In an interview with Econostream, when asked whether it would make sense to start with a 50 basis point rate cut or if he was resigned to a 25 basis point reduction, Mário Centeno said that the journalist's expectation "is justified", given the ECB's communication following the last meeting.
However, he stressed that it is "important to note that the decision will be based on a new forecast for the eurozone", with more information being provided in June.
"The previous forecast brought surprises that included a downward revision of growth and a downward revision of the inflation trajectory, which probably made the next phase of this monetary policy cycle with rate reduction clearer", he said.
Mário Centeno also admitted that the ECB's economic forecasts are "compatible" and "incorporate a total underlying reduction this year of 100 basis points".
"A 100 basis point reduction this year, being compatible with our result and with our projections, is compatible with an inflation of 2%, which is our goal", he considered.
The ECB left interest rates unchanged at its April meeting, with the main refinancing rate at 4.5%, the highest level since 2001, but it showed itself open to reducing them if inflation continues its downward trend.
Read Also: Centeno defends conditions for several interest rate cuts this year (Portuguese version)
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