ECB’s Schnabel: Market may be overestimating risks to global growth outlook

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Markets may be overestimating the risks to the global economic growth outlook from the spread of the more contagious coronavirus Delta variant, European Central Bank Executive Board Member Isabel Schnabel said on Wednesday.

“We want to see clearer signs that inflation is reliably moving towards our 2% target,” Schnabel added. “This will imply a more patient reaction function.”

Market reaction

The EUR/USD pair showed no immediate reaction to these comments and was last seen gaining 0.18% on a daily basis at 1.1823.