Christine Lagarde, president of the European Central Bank (ECB), during a rates decision news conference in Frankfurt, Germany, on Thursday, June 11, 2026.\u00a0<\/p>\n
Alex Kraus | Bloomberg | Getty Images<\/p>\n
Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.<\/p>\n
No more unconventional instruments, no more complex forward guidance and no more force. <\/p>\n
That’s the message from ECB President Christine Lagarde on shaping Europe’s future, as she welcomes the world’s central bankers to Sintra, Portugal for the continent’s version of Jackson Hole. <\/p>\n
What you need to know today<\/p>\n European Central Bank<\/a> President Christine Lagarde has used her curtain-raiser speech in Sintra, Portugal to say it’s time for the ECB to go back to basics<\/a>. “We no longer need to reach for unconventional instruments… we no longer need to act with the same force… and we no longer need complex forms of forward guidance,” she said. <\/p>\n The ECB president also touted the central bank’s recent decision to raise rates, saying it was “justified under every scenario. It was, by design, a robust decision.” <\/p>\n This morning, “Squawk Box Europe”<\/a> will speak to ECB Board Member and Bundesbank President Joachim Nagel. You can watch that First On CNBC here<\/a>. <\/p>\n On Wednesday, Federal Reserve Chairman Kevin Warsh<\/a> will make his first public comments since the Fed announcement, as he joins a panel moderated by CNBC’s Sara Eisen. Catch that tomorrow at 9 a.m. ET. <\/p>\n The Fed is also in focus after the Supreme Court ruled that <\/a>President Donald Trump does not have the authority to fire Federal Reserve Governor Lisa Cook. But the court’s decision does leave open the possibility of dismissing her, or any other member of the Fed, in the future. <\/p>\n It was a different outcome for a separate ruling, where the court expanded presidential power in affirming Trump’s firing of <\/a>Federal Trade Commission Commissioner Rebecca Slaughter. <\/p>\n In currency markets, the Japanese yen has weakened to its lowest level <\/a>against the U.S. dollar since 1986. This is keeping investors on alert for any possible intervention. Japan’s Finance Minister Satsuki Katayama said Tuesday the government was ready to take appropriate action against excessive currency moves.<\/p>\n “That includes taking decisive action, as confirmed between Japan and the U.S.,” Katayama said.<\/p>\n Meanwhile, in China, demand for high-tech production related to the AI boom has boosted factory activity<\/a> in June, driving it back into expansion territory. <\/p>\n The U.S. and Iran are poised to hold fresh talks on Tuesday in Qatar’s capital<\/a>, Trump\u00a0said<\/a> via social media on Monday, following a\u00a0weekend of hostilities<\/a>\u00a0in the Middle East.<\/p>\n “IRAN HAS REQUESTED A MEETING. IT WILL TAKE PLACE TOMORROW IN DOHA!,” Trump\u00a0said<\/a>\u00a0in a post on Truth Social.<\/p>\n There was no immediate reaction from Iran. CNBC has contacted Iran’s Ministry of Foreign Affairs and is awaiting a response.<\/p>\n \u2014 Leonie Kidd<\/p>\n And finally…<\/p>\n