ECB's chief economist Lane: ECB scenarios are for low but positive inflation ahead

Market news

1 July 2020

ECB's chief economist Lane: ECB scenarios are for low but positive inflation ahead

Says data should be mostly positive for long time but a good bounce in economy does not reveal profile of recovery
We will need up to one year to know how eurozone will recover
Expects two steps forward, one step back recovery with periodic interruptions
Reports of further COVID-19 infections not helping recovery in confidence, investments
Current corporate ratings look reasonable, not obvious there should be a lot more downgrades
Absolutely not into yield targeting; ECB doesn't take a view on any particular level of spread

U.S.: Manufacturing PMI, June 49.8 (forecast 49.6)

U.S. Stocks open: Dow +0.37%, Nasdaq +0.20%, S&P +0.28%

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