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Lagarde: Economy Remains Weak

ECB

The ECB press conference has begun. From President Lagarde:

  • The economy remains weak. Consumers continue to hold back on spending, investment moderating and companies exported less reflecting a slowdown in external demand and some loss in competitiveness.
  • However, surveys point to a gradual recovery this year. As inflation falls and wages continue to grow, real income will rebound which supports growth.
  • The dampening of previous rate increases will fade and demand for exports should pick up.

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