ECB Cipollone is speaking and says:we see some signs of economic recovery citing PMI data.Expects for rest of year inflation at this level more or less.Base effects are due to unwinding of cost-of-living measures.We expect inflation resuming path to 2% next year, at target by mid-2025.If incoming data in June and July confirm that confidence it will be appropriate to remove some restrictive measures imposed in 2023.Middle East conflict's impact on energy costs is a major risk.As recovery unfolds we expect productivity to go up.Comments are little more hawkish than most (or at least more cautious due to the risks. No mentions of cutting rates in June or soon. This article was
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