European Central Bank member Ewald Nowotny says that there is no chance of a recession. He cites the rising Core Consumer Price Index as a positive sign that counters high uncertainty.
He expects further increases in underlying inflation. On Friday, the preliminary inflation estimates for the euro-zone showed a modest acceleration in Core CPI: 1.1% YoY in January against 1% recorded in December.
Nowotny, which is also the Governor of Austria’s central bank, is considered a hawk. He added that the ECB is data-driven. The Governing Council stated that risks are moving to the downside in the latest rate decision.
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