- Euro-Area economy proved resilient earlier this year.
- Slowdown in Euro-Area growth already evident in Q2.
- Growth is expected to slow in the third quarter.
- Trade agreement with US is well below the severe scenario.
These are just token remarks from the ECB President. There's nothing new here. The market is pricing just 11 bps of easing by year-end, which has less than 50% chance of happening.
