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PTEU - Short And Sharp: ECB Policy Unchanged But It's All Coming
Pacer TrendpilotTM European Index
By Seema Shah, Chief Strategist, Principal Global Investors
In the aftermath of Thursday's abysmal German Ifo Business Climate Index survey, markets had slightly raised their expectations for a European Central Bank ((ECB)) rate cut Thursday. While the ECB President Mario Draghi failed to surprise, markets should be satiated by the groundwork he has laid out for some potentially meaningful moves in September.
A rate cut in September further into negative territory is highly likely and the adjusted forward guidance reinforces the message that rates are staying low for very, very long. Yet, the more impactful