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The European Central Bank can no longer look through the inflationary impact of the war in Iran as price pressures spread beyond energy and the risk of unanchored inflation expectations rises, according to Executive Board member Isabel Schnabel.

Former Fed Chair Jerome Powell on Sunday called the Federal Reserve’s independence “a priceless asset” that must be protected, in one of his first major speeches since stepping down from his post earlier this month.

The biggest risk is to rural consumption, a key driver of economic growth.

China’s manufacturing activity expanded faster than expected in May, according to a private survey released Monday, although growth slowed from April.