- Everyone loses in a trade war
- Trump administration has increased economic uncertainty due to tariffs
- Effect of tariffs on inflation may be compensated by lower economic activity
Just some token remarks there by de Guindos. With ECB policymakers now commenting rather frequently on trade, it's indirectly hinting at a policy pause. That said, markets are still seeing April as a bit of a coin flip. The money market is pricing in ~58% odds of a rate cut for next month's policy decision.
