Lagarde: No rush to cut interest rates

The European Central Bank is in no rush to cut interest rates, ECB President Christine Lagarde said. The European Central Bank needs more time to conclude that inflation has slowed to 2% and that positive economic developments suggest that rate cuts are not urgent. The ECB cut interest rates for the first time in June after its sharpest rate hike on record, but stopped short of committing to further moves, saying the outlook for a second rate cut was unclear. “It will take time to gather enough data to be sure that the risks of above-target inflation have passed. The strong labor market means we can take our time to gather new information,” Lagarde added at the ECB Central Banking Forum.