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European Central Bank’s (ECB) chief economist Philip Lane on Wednesday said that the ECB was prepared to be patient in raising inflation back to target. “If inflation expectations get deanchored, that generates undesirable inflation momentum,” Lane explained.

Regarding the economic performance of the eurozone, Lane argued that the slowdown in growth was very “sector-specific” and said that the service sector was staying resilient while noting that  they were observing disproportionate shocks in the manufacturing sector.

The EUR/USD pair largely ignored Lane’s comments and was last seen up 0.15% on the day at 1.1045.