E.C.B. may be entering a phase of staggered cuts, keeping rates above prepandemic levels due to inflation constraints, according to Holger Schmieding. The central bank is seen as being ahead of the Fed, with futures predicting one Fed rate cut before Election Day. However, external factors like the upcoming jobs report could alter these expectations. Watch for impacts on the dollar and stocks post-E.C.B. rate cut, potentially benefitting European exporters like Airbus and automakers.
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