European home buyers and businesses are going to have to wait for lower interest rates.
FILE - President of European Central Bank Christine Lagarde attends a press conference in Frankfurt, Germany, June 6, 2024. Home buyers and businesses waiting for lower interest rates in Europe are going to have to wait a little longer as the ECB takes its time to make sure stubborn inflation is firmly under control before lowering its benchmark rate again.
Analysts say the rate-setting council will leave a decision on lower rates for the September meeting, after an initial quarter-percentage point cut at the June 6 meeting. Workers have been negotiating higher wages to make up for lost purchasing power during the inflation spike and annual prices increases remain too high at 4.1% last month in the crucial services sector - a broad swath of the economy that includes movie tickets, restaurants, medical treatment, and haircuts.
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