The Chief Economist of the European Central Bank (ECB), Philip Lanesaid on Friday that “wages will be the main driver of inflation in the coming years.”
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“The staggered nature of wage setting means that the adjustment of nominal wages to the cumulative increase in the cost of living will occur over several years.”
“Even after the energy factors and the pandemic subside, wage inflation will be the main driver of prices in the coming years.”
“Long-term inflation expectations appear well anchored.”
Meanwhile, ECB policy officer Madis Muller said it is “too risky to wait for a recession to cool prices.”
Market reaction
EUR/USD remains well-bid above 1.0400 on Black Friday as dollar weakness continues to dominate across the board. The pair is up 0.19% on the day at time of writing.
Source: Fx Street
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