{"id":24809,"date":"2026-07-24T09:10:39","date_gmt":"2026-07-24T07:10:39","guid":{"rendered":"https:\/\/creandgroup.com\/?post_type=opinion-article&#038;p=24809"},"modified":"2026-07-24T09:10:41","modified_gmt":"2026-07-24T07:10:41","slug":"reunion-de-julio-del-bce","status":"publish","type":"opinion-article","link":"https:\/\/creandgroup.com\/es\/articulo-opinion\/reunion-de-julio-del-bce\/","title":{"rendered":"Reuni\u00f3n de julio del BCE"},"content":{"rendered":"<section id=\"block_037fdd82b43855d09bf5900ca3954048\"  data-block_037fdd82b43855d09bf5900ca3954048 class=\"text-img-article align w-full section-text-img-article relative block clear-both overflow-hidden mt-8 lg:mt-16\">\n    <div class=\"container\">\n\n        \n                    <div class=\"article-rows max-w-detail_container mx-auto mt-8 lg:mt-12\">\n                                     \n                                            <div class=\"article-row text-row my-6 lg:my-8  \" data-aos=\"fade-in\" data-aos-duration=\"500\" data-aos-easing=\"ease-in-out\" data-aos-once=\"true\">\n                            <div class=\"article-row-col w-full \"><p>Nada nuevo bajo el sol veraniego. Los tipos de inter\u00e9s se mantienen sin cambios tras la reuni\u00f3n de julio del BCE. Aunque Lagarde reconoce que todav\u00eda no se observan efectos de segunda ronda, el resto de sus mensajes en la rueda de prensa han sido alertando del riesgo de una mayor inflaci\u00f3n y de la capacidad del BCE para volver a subir los tipos de inter\u00e9s. De este modo, tiene sentido que el mercado interprete que el BCE subir\u00e1 los tipos de inter\u00e9s dos veces m\u00e1s este mismo a\u00f1o. De hecho, parece que salvo que el petr\u00f3leo retroceda de manera importante (hoy vuelve a flirtear con el nivel de los 100 d\u00f3lares por barril), el m\u00e1ximo organismo monetario europeo volver\u00e1 a subir los tipos de inter\u00e9s para evitar ir por detr\u00e1s de la curva como les sucedi\u00f3 en 2022.<\/p>\n<p>&nbsp;<\/p>\n<p>Septiembre se perfila como el momento m\u00e1s adecuado para una reevaluaci\u00f3n m\u00e1s profunda ya que contar\u00e1 con nuevas proyecciones y con m\u00e1s datos macro que permitir\u00e1n valorar con mayor claridad cu\u00e1l es el escenario m\u00e1s probable para la inflaci\u00f3n a medio plazo, esta reuni\u00f3n de julio se puede calificar como una pausa veraniega.<\/p>\n<p>&nbsp;<\/p>\n<p>El mercado de renta variable ha reaccionado con ligeras ca\u00eddas, presionados por subidas adicionales en las TIRes de los bonos, que ya marcan m\u00e1ximos de varios a\u00f1os. Asimismo, el d\u00f3lar se aprecia contra el euro despu\u00e9s de las declaraciones de Lagarde. Por otro lado, los futuros meten en precio que en septiembre habr\u00e1 una nueva subida de los tipos de inter\u00e9s.<\/p>\n<\/div>\n                                                    <\/div>\n                    \n                            <\/div>\n        \n    <\/div>\n<\/section>\n\n<style>\n    .section-text-img-article .article-media :is(img, video) {\n        width: 100%; height: auto; max-height: 519px;\n        object-fit: contain; display: block; margin: 0 auto;\n    }\n    .section-text-img-article .article-media :is(.wp-video, .wp-video-shortcode) {\n        width: 100% !important; height: auto !important; max-width: 100%; max-height: 519px;\n    }\n    .section-text-img-article .video-embed-responsive {\n        position: relative; width: 100%; max-height: 519px;\n        padding-bottom: 56.25%; height: 0; overflow: hidden;\n    }\n    .section-text-img-article .video-embed-responsive :is(iframe, embed, object) {\n        position: absolute; inset: 0; width: 100%; height: 100%;\n    }\n\n    .section-text-img-article .article-rows {\n        font-family: 'Roboto', sans-serif;\n        font-weight: 300;\n        font-size: 16px;\n        line-height: 1.6;\n        color: #333333;\n    }\n\n    .section-text-img-article .article-rows :is(h1, h2, h3, h4) { color: black; 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