UPDATE: ECB Cuts GDP, Eurozone Inflation Forecasts for 2015 - 2017 (FXE) (UUP)

(Updated - September 3, 2015 8:49 AM EDT)

(Updated - September 3, 2015 8:43 AM EDT)

ECB cuts GDP forecasts for 2015 - 2017.

UPDATE - Officials updated the following outlook:

• FY15 GDP growth at 1.4%, vs. 1.5% prior
• FY16 GDP growth at 1.7%, vs. 1.9% prior
• FY17 GDP growth at 1.8%, vs. 2.0% prior

UPDATE 2 - The ECB also cut euro-area inflation forecasts for 2015 - 2017. Official see

• FY15 inflation of 0.1% vs. 0.3% prior
• FY16 inflation at 1.1% vs. 1.5% prior
• FY17 inflation of 1.7% vs. 1.8% prior

ECB president Mario Draghi noted the following during a press conference on Thursday:

• There are downside risks to inflation outlook
• ECB to monitor medium-term risks to price stability
• ECB looking at geopolitical events, foreign exchange movements
• Loan dynamics continue to improve
• Business lending remains subdued
• ECB will firmly implement asset-buying program
• Recovery must be supported by structural reforms
• ECB policies are helping the economic recovery
• Inflation maybe negative in coming months
• Negative inflation would be transitory

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