EURGBP TECHS: Trend Structure Remains Bullish

Links (likely URLs based on previous meetings, would only go live at 1400ET):

• Statement
• Implement. note
• Summary of Econ. Proj.

Reminder - The questions that we have selected for Instant Answers for the September FOMC statement and SEP (scheduled to be released at 1400ET):

• Fed funds rate range maximum
• Number of dissenters to size of rate move
• Number of dissenters preferring a larger cut
• Median projection of fed funds rate at end-2025
• Median projection of fed funds rate at end-2026
• Median projection of fed funds rate at end-2027
• Median projection of fed funds rate at end-2028
• Median projection of longer run fed funds rate
• Number of 2025 dots > 4.125%
• Number of 2025 dots > 3.875%
• Number of 2025 dots < 3.875%
• Number of 2025 dots < 3.625%

• Bundebank President Nagel says in a speech that the ECB is well advised to remain cautious.
• “I consider the decision of the ECB Council 's decision last Thursday to keep key interest rates constant was the right one. We are well advised to remain cautious given the uncertainties. Our approach of making decisions based on data and on a meeting-by-meeting basis has proven successful. With the current monetary policy stance, we are well positioned to respond to unexpected changes.”
• His speech also looks at some structural reasons behind weak German exports amidst a deterioration in competitiveness, including high energy prices, a shortage of skilled workers and supply chain disruptions.
• More broadly on the EU, he adds: "The former ECB- President Mario Draghi has put forward numerous proposals for how Europe can become more competitive. Now it's time to implement these proposals. So far, only a fraction of them have been realized." That broadly echoes Lagarde's growing calls for reform.