- The European Central Bank Governing Council expresses confidence that inflation will return to more normal levels, according to the minutes from the fiscal policy setting body's July 25-26 meeting.
- "The convergence of inflation to levels below, but close to, 2% over the medium term would continue in the period ahead and be maintained even after a gradual winding-down of net asset purchases," according to the minutes of the fiscal policy-setting council.
- Still, the fiscal policy tone remains dovish. "There was broad agreement among members that an ample degree of monetary policy accommodation was still necessary to support the further build-up of domestic price pressures and headline inflation over the medium term."
- As in yesterday's minutes from the Federal Reserve's FOMC July 31-Aug. 1 meeting, trade tensions came up as a rising risk. "Uncertainties related to global factors remained prominent, in particular with regard to the threat of protectionism and the risk of an escalation of trade tensions," the ECB minutes show.
- "These tensions could generate a more general decline in confidence throughout the global economy, beyond any direct effects from the imposition of tariffs."
- Euro declines 0.19% against U.S. dollar, trading at 0.8637 euro per dollar.
- STOXX Europe 600 Banks Net Return Index EUR -0.45% to 381.01.
- Euro-based ETFs: FXE, EUO, ERO, DRR, ULE, EUFX, URR, DEUR, UEUR
- Previously: FOMC minutes: `likely soon appropriate to take another step' (Aug. 22)
- Previously: U.S. banks fall as ECB keeps rates unchanged, day after Fed raises (June 14)
- Now read: The Euro Currency Is Waiting For News - Most Is Bearish
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