Tuesday morning in Asia, Isabel Schnabel, Member of the Executive Board of the European Central Bank (ECB), joined the chorus of global central bankers who defy fears of a reflation.
The ECB official initially highlighted the expectations that the German inflation could “exceed 3% this year”, before declaring, “but the European Central Bank considers that it is a transitory increase and will not adjust the policy in response.”
With oil prices rebounding after their collapse a year ago, eurozone inflation is already close to the ECB’s nearly 2% target, but underlying price growth – a measure that policy makers closely follow – remains below 1%, Reuters said
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