European Central Bank keeps key rate at 2% after January inflation slowdown

[Financial News] The European Central Bank (ECB) decided at its monetary policy meeting on the 5th (local time) to leave its key deposit rate unchanged at 2%.
Euronews reported that the ECB held rates steady after flash data showed the Eurozone’s January inflation slowed to 1.7% from 2.0% in December across the 21 countries using the euro.
ECB President Christine Lagarde said that inflation is moving in a favorable direction even though it has fallen below the target, adding, "The ECB must not be held hostage by a single data point."
At this meeting, Dimitar Radev, governor of the Bulgarian National Bank, was granted voting rights on the ECB Governing Council in a gesture welcoming Bulgaria, which adopted the euro on January 1.
jjyoon@fnnews.com Yoon Jae-joon Reporter