The European Central Bank has likely finished cutting interest rates, according to Primoz Dolenc, Slovenia’s acting central bank governor. He told Delo newspaper that the ECB’s July Governing Council meeting concluded the easing cycle was over and no new developments since then justify a change.

• Current policy is seen as sufficient to reach the inflation target.

Dolenc noted that uncertainty has diminished after the EU secured a trade deal with the US, fixing a 15% tariff on most exports. While tariffs are slightly higher than June forecasts, he said the impact on growth and inflation is minimal.

The info comes via a Bloomberg report (Bloomberg is gated).

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The ECB left rates steady in July after a year of reductions and is expected to do the same next week (its next meeting is September 10 and 11), with markets no longer pricing in further cuts this year.