Today’s headlines not conducive of a rate cut.

And the only thing the ECB sees that’s keeping inflation from being a lot worse is the strong euro.

ECB’s Liebscher Sees Risk of Wage-Price Spiral, Kurier Reports
German Output Unexpectedly Increases on Construction
French Trade Deficit Shrinks to 2.8 Billion Euros on Exports
Spanish House Prices Rising Slower Than Inflation
ECB’s Quaden Calls Belgian Inflation `Rather Bad’
German BDB Banking Association Says Economy Is `Robust’

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