European Central Bank (ECB) Vice President Luis de Guindos said on Tuesday,”concerns about high inflation have shifted to economic growth.”

Additional takeaways

We will have new projections in December.

But developments point to growth remaining fragile.

Geopolitical risks are increasing.

Potential changes in US trade policy will only add to the uncertainty.

When one imposes tariffs, they have to be prepared for retaliation - which can start a vicious cycle.