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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB raised economic growth forecast and inflation projection
The European Central Bank (ECB), in its latest monetary policy decision, kept its benchmark interest rate unchanged at 0.00%, as widely expected. Further, the central bank raised its economic growth forecast to 4.6% for 2021 and 4.7% for 2022. Also, it forecasted annual inflation to reach 1.9% this year and 1.5% in 2022. Additionally, the ECB has committed to purchasing €1.85 trillion of bonds until March 2022 as part of its Pandemic Emergency Purchase Program.
US CPI rose more than expected in May
In the US, the CPI climbed 5.00% on a YoY basis in May, compared to an advance of 4.20% in the previous month. Markets were expecting the CPI to record an advance of 4.70%.
US initial jobless claims fell less than market expectations in the week ended 04 June 2021
In the US, initial jobless claims fell to 376.00 K in the week ended 04 June 2021, compared to a level of 385.00 K in the prior month. Markets were expecting initial jobless claims to drop to 370.00 K.
US budget deficit narrowed in May
In the US, budget deficit narrowed to $132.00 billion in May, compared to a deficit of $226.00 billion in the previous month.
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