Prospects are confused by bottlenecks and virus variants – Olli Rehn

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The member of the Governing Council of the European Central Bank and Governor of the Bank of Finland, Olli Rehn, made a statement in the last hour, saying that the inflation above target is temporary. Medium-term prospects are dampened by slack and muted wage pressures.

Featured statements

The growth is robustBut it still needs support, as the outlook is hazy by bottlenecks and virus variants.

The rate hike is not yet in sightBut one day it will happen, governments must prepare.

Market reaction

Rehn’s dovish comments compounded the intraday bearish pressure around the shared currency and dragged the EUR / USD to fresh session lows, around the 1.1780-75 region.

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