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Frederik Ducrozet at Pictet Wealth.........>

ECB VIEW: Frederik Ducrozet at Pictet Wealth Management points out that the HICP
forecasts were actually slightly dovish, "Although the 2020 average for HICP
inflation was stable at 1.7%, the end-point was revised lower by 10bp, from 1.8%
to 1.7% in H2 2020."

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