ECB’s Schnabel on yields: This is precisely what we would expect and want to see

Remarks by ECB executive board member, Isabel Schnabel

  • Recent rise in yields is a factor of improved outlook
  • This is precisely what we would expect and want to see
  • Remaining PEPP envelope is “quite large”
  • Economy has reached a turning point, short-term outlook has improved
  • A premature removal of ECB support would be a great mistake

Her comments on yields strike a stark contrast with what we heard from Panetta earlier in the week here. It looks like there is a different sense of opinion within the ECB ranks on how things are progressing and that sets up an interesting 10 June meeting.
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