It will maintain stable today (18.7.2024), preferring to expect further evidence of progress in inflation before making another reduction. The ECB’s deposit rate will remain at 3.75%, according to all 55 economists asked by Bloomberg. No specific guidelines are expected for the course of lending costs, with a number of critical elements expected only in the following weeks. This draws attention to the next meeting, in September, when economists estimate that officials will make a second reduction by a quarter of the unit, after digesting two more monthly reports on inflation and announcements on wages and productivity. Until then there can also be greater clarity on the political turmoil in France and the US, as well as on when the US Federal Bank’s monetary relaxation will begin. Investors will closely monitor the president, Christine Lagarde, for messages such as that it is possible to repeat relaxation in the eurozone in the autumn.