[ECB Meeting Minutes: Current Uncertainty Justifies Maintaining Interest Rates] The ECB meeting minutes indicated that its assessment of the inflation outlook remained largely unchanged. Some officials believed the rate-cutting cycle had ended because the current favorable outlook was likely to persist unless risks materialized. The central bank believed that a prudent approach would increase the chances of maintaining a favorable position, and strategically, the monetary policy stance should not be fine-tuned for mild and temporary fluctuations in inflation around the target, but only adjusted in the event of significant deviations from the target over the expected medium term. However, most members believed that the risks surrounding the inflation outlook were two-way, and the outlook remained more uncertain than ever before. Overall, the option of waiting for more information remained highly valuable.
