The euro and eurozone bond yields edged lower after the European Central Bank held interest rates unchanged and signaled its tightening cycle could be over. Investors had largely expected the decision and markets were little changed: The euro was 0.3% lower at $1.054. Yields on government bonds, including benchmark German bunds, declined slightly. Italian bond yields, which are among the most sensitive on the continent to concerns about high borrowing costs, fell by about 8 basis points, to 4.
Policymakers said inflation remained too high in the currency bloc, but noted that the current deposit rate of 4%—a record high—should make 'a substantial contribution' to bringing price pressures back to target. ECB President Christine Lagarde said policymakers were closely watching the Israel-Hamas war a 'key source of geopolitical risk' for the eurozone economy.
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