ECB executive board member Kocher said inf will remain elevated for some time.

Schroder Investment senior economist George Brown said the Bank of England is buying time by keeping the policy rate unchanged and that the threshold for further hikes remains high. He said a weak labour market and tepid growth should limit second‑round effects from energy price spikes and that a preliminary deal to reopen the Strait of Hormuz should reduce some extreme upside energy risk, but warned the BoE could still be forced to act if inflation expectations continue to rise.

Financial Times reports the Trump administration, under a temporary US-Iran accord, will allow Iran to access $6 bln of oil export proceeds held in Qatar to purchase US humanitarian supplies and other non-sanctioned goods.