The European Central Bank has raised its forecasts for inflation and growth while indicating there's no longer a “sense of urgency” in monetary policy. However, political risk remains a key theme for the euro area.

Tim also gives his thoughts on the global reflation trend.

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Tags:  rising inflation,  reflation trend,  Growth forecast,  Quantitative Easing,  Mario Draghi,  ECB,  European Central Bank,  China,  economic indicators,  Fed meeting,  FOMC,  non-farm payrolls