Central Bank governor insists he is ‘chilled’ on inflation reaching 2% target
Central Bank of Ireland governor Gabriel Makhlouf said the European Central Bank would need to see “overwhelming” data to make a big interest-rate cut in December, even as he insisted he is “chilled” in the view that inflation will reach the organisation’s 2 per cent target next year. Photograph: Leah Farrell/RollingNews.ie
Speaking to reporters at a Central Bank conference in Dublin on the financial system, Mr Makhouf said that he “wouldn’t go so far as to say” that a fourth rate cut since June is all-but inevitable next month. While some governing council members see ECB staff projecting that the 2 per cent rate will be reached as early as the first quarter of 2025, Mr Mahlouf said that he is “confident that we are going to meet our target next year” but is “completely chilled” about when during the year.
The governor declined, when asked, to comment on the spending plans of various parties ahead of the general election at the end of the month.
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