ECB's Nowotny: Risks to growth are broadly balanced
ECB member Ewald Nowotny speaks in Vienna
- Inflation is seen trending in-line with ECB goal
- Core inflation trend is going in the right direction
I reckon his prepared speech did not account for the negative sentiment arising from the PMI prints earlier. Well, core CPI has been trending sideways since May around the +1.0% y/y handle so I'm not exactly sure that is the "right direction":
But I guess if it isn't falling, that's welcome news for the ECB.