ECB chief economist out with what appears to be daily repetition
- recovery not driven by investment
- recovery mainly driven by pvt consumption
- not driven by investment
- tail risks in global economy have receded
- commodity prices ex oil have continued to fall due to demand
Or lack of it to be more precise
- data shows cyclical recovery confirmed
Really?
- gov council is strong behind decisions taken
- has rich discussion about balance sheet adjustment
- important that inflation expectations are anchored for mon policy to be transmitted
- zero lower bound may be lower than we thought months or years ago
- interest rates not the only tool in the box
Same old, same old dovish tones from Praet
Full speech here
Meanwhile EURUSD a tad higher again at 1.0685
ECB's Praet - Downside risks prevailing
