ECB's Schnabel: Inflation likely to top 2% for extended period
European Central Bank (ECB) Executive Board member Isabel Schnabel said that inflation is unlikely to return to target over the medium term, and therefore further tightening will be necessary, Bloomberg reported on Wednesday.
Key quotes
The ECB must prevent second-round effects early on.
Market seems to understand ECB reaction function well.
Extent of tightening to depend on incoming data.
Natural gas situation particularly concerning.
Economy looks to be gaining further momentum.
Inflation likely to top 2% for extended period.
Market reaction
There seems to be no immediate impact of the ECB Schnabel's comments on the Euro (EUR). At press time, EUR/USD trades lower at around 1.1665 as the US Dollar (USD) edges higher.
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