The European Central Bank raised interest rates before the next economic downtur

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      Nearly 90% of the analysts who answered an additional question in the survey also believed that the ECB would not make more asset purchases until at least the end of 2020. Prior to the survey, the ECB said it would provide new long-term loans to banks later this year.
Even if the ECB lowered its growth forecast for 2019 to its lowest level since the survey was conducted more than two years ago, the results of the survey are still available. Inflation is not expected to reach the ECB target until 2022 at the earliest. The Reuters poll interviewed about 100 analysts.
Compared with last month's results, the consensus is that the ECB will not raise interest rates until later next year. More than 60% of respondents to an additional question said they were not confident that the ECB would raise interest rates before the next economic downturn.
"The business cycle has undoubtedly reached its peak, and we are now in a slowdown phase," said Peter Vanden Houte, chief eurozone economist at ING.
"So the ECB is likely to have missed the chance to raise interest rates. However, the current situation is still that if the economy enters a more serious downturn, there is no more room for traditional tools to play.


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