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Instantaneous grocery startup Gopuff desires $ 1 billion at a valuation of 15 billion

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Instantaneous grocery startup Gopuff desires $ 1 billion at a valuation of 15 billion

Gopuff, the “instant” grocery delivery startup that has had an acquisition and expansion rift in recent months to scale its business, is also looking to raise funds to fuel those efforts. Documents uncovered by the Prime Unicorn Index and shared with TechCrunch show the startup filed papers in Delaware to raise $ 1 billion at a pre-valuation of $ 14 billion.

As with all Delaware filings, they only tell part of the story, so the company could end up more or less raising before the round ends. (And in this case it looks like “more”.)

For some funding contexts, Gopuff raised $ 1.15 billion at a valuation of $ 8.9 billion as recently as March. And that round came just months after a valuation of $ 380 million (out of a valuation of $ 3.8 billion). Gopuff’s instant food model apparently comes with immediate funding: together, the three funding rounds would total around $ 2.5 billion over 10 months. (Investors in the company’s previous rounds were Accel, D1 Capital Partners, Fidelity Management and Research Company, Baillie Gifford, Eldridge, Reinvent Capital, Luxor Capital, and SoftBank.)

Much like the investment race in the transportation-on-demand market, much of the fundraising in the instant grocery store appears to be aimed at scaling up as quickly as possible to build technology, operational, and customer trenches.

For Gopuff, part of the money raised so far was used for organic expansion. In other words, it is investing in order to acquire new customers and expand its infrastructure – drivers, “dark” stores with their products and, most recently, “Gopuff kitchens” – in the more than 650 cities in the USA where it already has its 1.95 US Dollar operates a flat rate “in minutes” delivery service. This is likely to happen especially quickly considering that others like DoorDash are also seriously competing for the same model for quick deliveries of a limited selection of food and drink, household items, and over-the-counter medication.

The story goes on

In addition, some of the accumulated cash is used for acquisitions. So far these have been limited to the USA and to expand Gopuff’s breadth in this market. It bought alcohol retailer BevMo for $ 350 million in November 2020; and in June of this year, Gopuff acquired the logistics technology company RideOS for $ 115 million.

The next phase of this acquisition process could focus on acquiring similar companies in key markets that Gopuff would like to be in in the future, particularly internationally, in order to meet the reported goal of reaching $ 1 billion in sales this year (3x Previous year’s figures).

In June there were rumors that Gopuff had turned to Flink, an instant food player in Germany. While this has got nowhere (yet?), Well-placed sources – and apparently others – have told us that Gopuff is also keeping its international eye on England, and is in talks about the acquisition of two different instant delivery-based companies London, the first fancy in February and more recently Dija.

Gopuff also declined to comment on Dija, but we have several well-placed sources telling us it’s a work in progress. (The fancy deal was closed in May.)

London is currently a very competitive market for instant grocery delivery – not least because it’s dense and often difficult to get to, has shown a strong consumer appetite for on-demand delivery services, and a population of younger people with a decent amount of food available Income to pay a little more for convenience

That speaks for opportunities, but possibly also for too many hopes. In addition to Dija and Fance, we have Getir from Turkey, supported by Sequoia and a number of others who are currently playing an ambitious international role; Gorillas (like Flink, from Berlin); Zapp; and Weezy – all offer “instant” grocery deliveries. And these are just the independent, newer startups. Still to come: established restaurant suppliers like Deliveroo, who might also throw their hats in the ring.

Given this area, it may not come as a surprise that Dija struggled to raise more money, and this led the startup to look for buyers as an alternative.

This is a trend that’s also happening elsewhere: in Spain, Getir acquired Blok earlier this month, another new instant player that was struggling to get investors on board. We have confirmed with well-placed sources that Dija had also spoken to Getir in this regard (that went nowhere) before Gopuff entered the picture. There will probably be more of that.

“It’s going to be a bloodbath,” a major investor recently described the instant food market to me.

Given that online groceries still remain a relatively small slice of the market – even with the pandemic and its changing impact on e-commerce, it is still below 10% of sales in even the most adoptive cities there is still a lot to play in “instant” grocery stores. But if this last round shows us anything, it’s that the most promising of these delivery companies will continue to raise a lot more money to position themselves as consolidators in it.

Additional coverage: Natasha Lomas

Updated to show the increase to $ 1 billion and increase the overall rating in the H Series. PrimeUnicorn originally placed it at $ 750 million; Sources corrected the number.

Christina Haack enjoys “Good Day” on flip or flop with out tarek

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Christina Haack enjoys “Good Day” on flip or flop with out tarek

Was that a subtle dig?

Christina Haack was just saying that she had a “nice day” on the set of Flip of Flop. Cue the gasp! While that doesn’t sound like a shocking admission from the show’s host for eight years, her happy news came just a day after multiple outlets reported she received a heated argument on set last week.

TMZ reported that Christina’s ex-husband and Flip or Flop co-star, Tarek El MoussaShe hurled insults at her after he “didn’t like” the way she signaled to him to start filming. Tarek reportedly compared Christina to his much “hotter and richer” fiancée. Heather Rae Young.

On July 22, the recently divorced reality star shared some behind-the-scenes footage of her crew in what appears to be the latest Fixer Upper Post renovations. “Nice day on the flip-of-flop set,” she wrote along with a camera emoji. The real kicker is that Tarek was nowhere to be seen, suggesting she had a peaceful day while filming alone.

When to Use a Barbell (and When to Use a Smith Machine)

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When to Use a Barbell (and When to Use a Smith Machine)

Man doing split squats in a Smith machine Smith

Photo: FabrikaSimf (Shutterstock)

The Smith machine is probably the most polarizing fitness machine. Every cheap commercial gym has one, and it’s the introduction of many people to squats and other barbell exercises. But it’s not a barbell or anything like that, and hardcore gymnastics brothers scoff at it.

To make sure we’re on the same page here This is what a Smith machine looks like. It may or may not have a bench in it, but the main feature of the machine is that it has a bar on a rail.

The difference between a Smith machine and a barbell

The bar on a Smith machine is horizontal and you can load plates on it like a barbell. But thanks to the rail, the bar can only move up and down, not in any other direction. Adjusting the stops correctly can also ensure that you never drop the bar or get caught under it. That arguably makes it safer and more accessible than a real barbell, and that’s why it’s so popular.

But these advantages are also its disadvantages. Because the bar is attached to its rail, your body doesn’t have to work as hard to stabilize it. A barbell, on the other hand, only stays on your back because you hold it there. The straight up and down movement of the bar also does not correspond to the actual movement of many barbell lifters. A bench press should actually bend in a J shape, for example hitting towards the bottom of your rib cage when the bar is at its lowest point, and ending somewhere above your neck or upper chest when it is up. The Smith machine is not designed to emulate that.

And that brings us to our dead end: The machine is practical and beginner-friendly, but restricts freedom of movement. Which of these factors trumps the other? Here are a few things to keep in mind.

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The risk of injury is greatly exaggerated

One of the most common arguments against the Smith machine is fear of injury. But as we discussed earlier the idea that certain exercises will harm you is usually unfounded.

If people routinely ruined themselves on Smith machines, capitalism dictated that gym manufacturers, gym owners, and (most importantly) gym insurance companies would simply cease to tolerate their existence. That is clearly not the case. Nor is there any scientific data I could find linking injuries to Smith machine use. That’s not to say that people can’t get hurt using them, but the people who claim the machines are dangerous should really be the ones to back up their claims.

But let’s take the downside: do the safety features of Smith machines make them safer than barbells? While it’s true that Smith machines make it difficult to drop the bar on yourself, the same goes for any suitable barbell setup. If you’re squat in a squat rack, you should know how to set the security. If you bench press without backups, you should have a person sighted You. Barbells and Smith machines are both safe when used correctly.

Barbells give you a better workout, kind of

When training for a barbell sport like powerlifting, you need to learn how to lift and stabilize a barbell. A Smith machine is not going to teach you the skills necessary to be successful. And if you’re training with barbells to get better at another sport, the barbell lifting may be a better option.

But does everyone need dumbbells? That boils down to that Argument machines vs. dumbbells all over again. Free weights (including barbells and dumbbells) require slightly more skill and coordination than machines, and also activate more stabilizing muscles. If you value these things, you will be better off using free weights than any machine.

But not everyone can choose between the two. Some gyms only have a Smith machine and no barbell, so you have to work with what you have. And some people like to train with both free weights and Smith machines so that their stabilizers aren’t neglected.

Lots of people get strong and jacked up with Smith machines

Look, I’m into barbells. I enjoy Weightlifting and Powerlifting and strongman, and I’ll be doing a barbell over a machine every day. I think I last used a Smith machine in the 20’s and that was just because I was fed up multi-step process of setting up a hip push station with a barbell. But I also realize that not everyone is like me.

Professional bodybuilder John Meadows, for example, has a YouTube channel that is full of tips on using Smith machines to build muscle. For example, Here’s one about leg exercises This includes a crucial tip on how not to put weight on your knees: Stand with your feet in front of the bar instead of directly below it, as with a barbell squat.

He has similar tips for bench press and other exercises, and after watching a few videos it is clear that the Smith machine is a perfect tool for someone who is just trying to build muscle and not train for a specific sport . It has its pros and cons, but many people find it useful and effective.

This is how you can tell if the Smith machine is right for you

Personally, I don’t love Smith machines, even though I know they have their uses. If you’re looking for my advice on whether to use the one in your gym, I recommend you think about it.

If you are training for a sport, especially weight training, Barbells are the most efficient way to train strength, stabilization, and coordination. Other free weights like dumbbells and kettlebells can also be good options. If you use Smith machines at all, they should only be part of your workout, and not the main method that you use to lift heavy loads.

If you are afraid of dumbbells, I recommend getting over them and learning how to use them. Just because you can get stronger on a Smith machine doesn’t mean you should let fear rule how you exercise.

When your gym doesn’t have dumbbells, a Smith machine is much better than nothing. Complement your Smith machine training with anything else the gym has to offer, such as heavy dumbbells.

If you’re trying to avoid the Smith machine at all costs, Be aware of the compromises you are making. For example, if your gym has a limited selection of dumbbells, you can reach a point where you can no longer do it progressive overload while sticking to dumbbell exercises. Better to do a challenging weight Smith machine exercise than spinning your wheels with light dumbbells just because you feel the machine.

So there you have it: Smith machines are a tool with some serious drawbacks, but if you consider them totally unacceptable, you may be unnecessarily limiting yourself. Make smart decisions based on your goals and don’t be afraid to lift heavy.

The US and Germany are on strike over the completion of Russia’s Nord Stream 2 pipeline

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The US and Germany are on strike over the completion of Russia’s Nord Stream 2 pipeline

Workers during the pipe production process at the Nord Stream 2 Mukran plant on the island of Ruegen in Sassnitz, Germany.

Carsten Koall | Getty Images

WASHINGTON – The United States and Germany have reached an agreement to enable the completion of the $ 11 billion Nord Stream 2 pipeline, a sensitive, long-standing point of contention between the otherwise steadfast allies.

The agreement between Washington and Berlin announced on Wednesday aims to invest more than 200 million euros in energy security in Ukraine and in sustainable energy across Europe.

“Should Russia attempt to use energy as a weapon or commit further aggressive acts against Ukraine, Germany will act at the national level and press for effective action at the European level, including sanctions, to restrict Russian export capabilities to Europe in the energy sector. “Said a senior State Department official when he called reporters on Wednesday.

The senior State Department official, who requested anonymity to openly discuss the deal, added that the US will also retain the privilege to impose sanctions if Russia uses energy as a coercive measure.

The official said the United States and Germany are “firmly committed to the sovereignty and territorial integrity” of Ukraine and have therefore consulted closely with Kiev on the matter.

Read more about clean energy from CNBC Pro

The discomfort with the nearly complete Nord Stream 2 project, a sprawling underwater pipeline that will pump Russian gas directly to Germany, stems from Moscow’s history of using the energy sector to influence Russia’s neighbor, Ukraine.

When completed, the underwater pipeline from Russia to Germany will stretch over 764 miles, making it one of the longest offshore gas pipelines in the world. Last month the Kremlin said there were only 62 miles to build from Nord Stream 2.

In May, the US lifted sanctions against the Swiss Nord Stream 2 AG, which operates the pipeline project, and its German CEO. The waiver gave Berlin and Washington three more months to reach an agreement on Nord Stream 2.

The deal comes on the basis of Chancellor Angela Merkel’s visit to the White House, the first of a European head of state since Biden’s inauguration and likely her last trip to Washington after nearly 16 years at the helm of Europe’s largest economy.

Merkel, the first woman at the top of Germany, has already announced that she will resign after the federal elections in September.

At a joint press conference in the White House, Merkel promised a tough stance on Russia should Moscow abuse the energy sector for political purposes.

On Wednesday the White House announced that Biden will receive Ukrainian President Volodymyr Zelenskyi next month.

Ahead of the July 15 meeting, representatives from the Biden government and representatives from Germany told CNBC that the leaders of the world’s largest and fourth-largest economies were anxious to rebuild a frayed transatlantic relationship.

A handout photo from the Federal Government Press Office of Chancellor Angela Merkel and US President Joe Biden is in the White House overlooking the Washington Monument in Washington, DC on July 15, 2021.

Guido Bergmann | Handout | Getty Images News | Getty Images

“Of course we have had a number of seizures in bilateral relations in recent years,” said a senior German government official who requested anonymity in order to speak openly about Merkel’s agenda.

“The entire focus was on issues on which we disagreed,” the official said, adding that sometimes “allies were seen as enemies”.

Throughout his tenure, former President Donald Trump often disguised allies and often highlighted Merkel’s Germany as “defaulting on its payments” to NATO.

Last year, Trump agreed to a plan to move 9,500 U.S. soldiers stationed in Germany to other countries, another blow to transatlantic relations.

“The American-German relationship was badly impacted during the Trump administration, so there was no question that the relationship needed to be rebuilt, etc.,” said Jenik Radon, associate professor at Columbia University’s School of Public and International Affairs .

Radon, a legal scholar who has worked on energy issues in more than 70 countries, spoke about the complexities of global energy agreements.

The Nord Stream 2 pipeline is intended to double the amount of natural gas exported directly to Germany via a network under the Baltic Sea, bypassing an existing route through Ukraine.

“Anyone who tries to deliver gas or oil via a pipeline through transit countries always finds themselves in an awkward position because a third party is also involved,” said Radon.

“It’s not just the seller, it’s not just the buyer, there is transit too, but you don’t have absolute control over this third country,” he said, adding that “transit deals are among the most difficult”.

Workers are seen at the construction site of the Nord Stream 2 gas pipeline near the city of Kingisepp in the Leningrad region, Russia, June 5, 2019.

Anton Vaganov | Reuters

Experts in the region see the underwater pipeline as a form of Russian aggression against Ukraine.

“By eliminating Ukraine as a transit country, Russia can withhold the benefits of having gas delivered on its territory,” said Stephen Sestanovich, Senior Fellow on Russian and Eurasian Studies at the Council on Foreign Relations.

There are two elements that people often confuse, he added, citing Russia’s ability to use natural gas as a political weapon against Ukraine and its ability to harm the Ukrainian economy.

“That is why the Biden government has concentrated on limiting or compensating for any economic damage – and they want firm German approval of this goal,” he said.

However, Russia’s influence on its American allies has weakened somewhat due to the shifts in the energy markets, Sestanoitsch said.

“In the years that Nord Stream 2 has been discussed and is now almost finished, the energy markets have changed and it has become much more difficult for Russia to hold European countries hostage – there are just too many alternative sources of energy,” said he. “The image that we have of Russia in the political stranglehold of our allies is out of date.”

12 scrumptious methods to eat tomatoes

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12 scrumptious methods to eat tomatoes

Sorry, this photo sucks, I didn't have time to buy a tomato to take a new photo.

Sorry, this photo sucks, I didn’t have time to buy a tomato to take a new photo.Photo: Claire Lower

Tomato sandwiches are greatly underrated. So underestimated that you can’t even find a good photo of one (which is both Southern and Harriet the Spy deletion). Just a few months ago, some people who didn’t know what they were talking about tried to move this (100% correct) young woman to make a proper tomato sandwich. If you’re not from the southern United States (or haven’t read Harriet the Spy) chances are you’ve never had this simple, perfect sandwich, but remedial action should be taken this summer.

Making this sandwich with boring tomatoes is not an option. Since there are only four ingredients – white bread, mayo, tomato, salt – this sandwich is only good during the tomato high season when the tomatoes are sweet and flavorful.

I explained my method before, but it must be repeated:

The bread should be cheap, white, and mushy (it should stick to the roof of your mouth), and you should spread mayo across both slices. The mayo is the only thing that I change. Right now I’m really into this Korean mayo that came in a bag. (I would tell you the name, but it was printed on the bag I threw away to get the bottle.) The mayo adds flavor, but it also prevents the sandwich from getting soaked right away.

Cut the tomato – preferably when you get home from the market – place the slices on the bread covered with mayo and season with Maldon salt. Do not add cheese. Do not add any basil. I think you can add pepper, but I never do.

It is recommended to eat it from a Blue Willow plate but is not required.

Why Widespread is “continually in shock” about his girlfriend, Tiffany Haddish

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Why Widespread is “continually in shock” about his girlfriend, Tiffany Haddish

On the Unbearable Weight set, Haddish felt “uncomfortable” interacting with Cage after the final intimate moment. “I had flashbacks sitting in the theater next to the man who took me on the date,” Haddish continued. “So it threw me off. I messed up the lines, I wasn’t centered. So I felt like I had to tell him what was going on in my head to make it stop, and it stopped.”

The VitaFusion spokeswoman quipped that every aspect of her life is about comfort. “I feel best when I’m chilling in my fat-stained t-shirt and my little yoga pants,” she laughed.

Haddish even integrates mini workouts throughout the day when it suits her best: “Whenever I go to the bathroom, when I’ve finished my toilet work, I do 25 squats.”

Watch the full interview above to learn more about Haddish’s partnership with VitaFusion and his passion for promoting healthy eating in underserved communities. Haddish’s BF Common also virtually dropped by Daily Pop to celebrate his new role in Never Have I Ever and to embrace his awkwardness.

CDC says the advantages of the J&J Covid vaccine nonetheless outweigh the dangers after stories of uncommon neurological problems

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CDC says the advantages of the J&J Covid vaccine nonetheless outweigh the dangers after stories of uncommon neurological problems

Vials containing the Janssen Coronavirus Disease (COVID-19) vaccine from Johnson & Johnson.

Johnson & Johnson via Reuters

100 cases of a rare but serious neurological disorder have been reported following the Johnson & Johnson Covid-19 vaccination, but preliminary data suggests the benefits of the vaccinations still outweigh the risks, the Centers for Disease Control and Prevention shared on Thursday with.

According to slides released the Thursday before a presentation to the CDCs, there were 8.1 cases of Guillain-Barre syndrome per 1 million doses, which is higher than expected in the general population and almost eight times what was seen in the recordings of Pfizer and Moderna Advisory Committee on Vaccination Practices. Guillain-Barre is a rare neurological disorder in which the body’s immune system mistakenly attacks part of the nervous system.

The data does not show a similar pattern with the Pfizer or Moderna vaccine, the US agency said. By comparison, there was about 1 case of Guillain-Barre per million doses in people who received either of the two-dose mRNA vaccines, according to the agency.

The additional data comes a little over a week after the Food and Drug Administration announced a new warning for J&J inclusion after preliminary reports of Guillain-Barre syndrome were found in some J&J recipients.

Of the 100 cases, 95 people were seriously ill, according to the CDC. One person died.

This is a developing story. Please check again for updates.

The very best magnetic batteries for iPhone 12

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The very best magnetic batteries for iPhone 12

Image for article titled 7 Smarter Alternatives to Apple's MagSafe Battery for iPhone 12

Apple’s MagSafe Magnetic Battery for the iPhone 12 is $ 99. It charges the iPhone with the MagSafe magnets on the back of the iPhone. It’s a typical Apple accessory. It’s only available in white, works out of the box, and charges with Lightning.

But it is not without problems. It has a tiny 1460 mAh battery that can’t even fully charge the iPhone 12. There is no fast charging (it charges at the standard 5W rate). It has reverse charging, but it won’t activate until your iPhone is 80% charged.

Unless the integrated Apple experience is critical to you, the MagSafe battery pack isn’t worth the price. Especially when you can find third-party batteries that wirelessly fully charge your iPhone at half the price. But first…

What to Know Before Buying a Magnetic Battery Pack for iPhone

The world of magnetic battery packs for iPhone 12 is quite new. These are essentially wireless batteries with magnets that snap into place on the back of the iPhone 12 (and supported cases).

Before you buy one, here are a few things you should know.

  • capacity: Most trustworthy magnetic battery packs reach 5000 mAh, and for good reason: 10000 mAh battery packs are not only heavy but also get quite hot. Compact 10,000 mAh batteries can be found on Amazon, but you should stay away from them for your own safety.
  • Loading speed: The magnetic batteries listed here are only MagSafe compatible, not MagSafe certified. This means that the charging speed is limited to 7.5W, while most will charge your iPhone at 5W (based on the Qi charging standards). You will find batteries that advertise 15W charge speeds, but that’s just marketing hype, not reality.

Now to our recommendations.

Go to Sophie Turner & Joe Jonas’ Street to Parenthood whereas Willa turns 1

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Go to Sophie Turner & Joe Jonas’ Street to Parenthood whereas Willa turns 1

Somehow it’s been a year Joe Jonas and Sophie Turner became parents and we are still fools to this loving family.

The couple’s daughter WillaShe celebrates her first birthday on Thursday, July 22nd. The two stars, who usually don’t reveal much about their private lives, tied the knot in May 2019 at a surprise wedding in Las Vegas.

The 31 year old Jonas Brothers The musician and 25-year-old Game of Thrones alum hasn’t publicly shared any pictures of Willa, but on occasion they have revealed small details about the little one’s life. During an interview with CBS This Morning in May 2021, Joe described Willa as “beautiful” and said of becoming a father, “It was amazing.”

Later in May, Sophie proved how protective the parents are by posting footage on social media of angering the paparazzi after photos of herself with Willa surfaced online. “She’s my daughter,” said the Dark Phoenix actress in part. “She did not ask that this life be photographed.”

ECB retains low-cost cash faucets open to be able to obtain new inflation goal

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ECB retains low-cost cash faucets open to be able to obtain new inflation goal

The European Central Bank maintained its extensive stimulus for the euro zone on Thursday, signaling that continued support is needed to meet its newly revised, higher inflation target.

The 25-member Governing Council decided at its meeting to keep interest rates at historic lows, including a negative bank deposit rate, the ECB said in a statement.

The governors also made no changes to their $ 1.85 trillion ($ 2.2 trillion) pandemic emergency bond purchase program (PEPP), which is the bank’s primary tool to help the region through the pandemic crisis.

The ECB’s ultra-loose monetary policies aim to keep lending cheap in the eurozone in order to stimulate lending and investment.

Thursday’s meeting was the first since the ECB presented the results of an 18-month strategic review of the bank’s tools and objectives – the first since 2003.

The biggest change was a revised inflation target of two percent, compared to an earlier “near but below two percent” target that had been out of reach for years.

The new target was reflected in the “Forward Guidance” statement issued by the ECB on Thursday, which describes the latest monetary policy decisions in detail and is being scrutinized by the markets for indications of future interest rate hikes and bond purchases.

The revised statement promised to keep interest rates at their current low levels until inflation “permanently” hits the new two percent target.

ECB President Christine Lagarde had promised earlier this month to revise the declaration in clearer language.

Attention is now shifting to Lagarde’s press conference at 1230 GMT in Frankfurt, where she will likely be asked when the bank might start processing the PEPP purchases.

Although some disagreement has arisen among ECB governors over when to wean the 19-nation currency club off the massive incentives, observers say a recent surge in coronavirus cases is likely to delay the discussion about tightening policy.

The story goes on

In the “Forward Guidance” declaration it was confirmed that PEPP will remain in force until at least March 2022 or until the ECB “considers the coronavirus crisis phase to be over”.

A solid recovery is underway across the euro area thanks to mass vaccinations and widespread reopenings.

However, concerns about the rapid spread of the Delta variant of the virus are growing, leading to a surge in new cases and forcing several countries to reintroduce restrictions.

Chancellor Angela Merkel on Thursday expressed concern about “exponential growth” in Covid-19 infections after a period of relatively low numbers that has allowed the country to ease restrictions on hotels, restaurants, shops, pools and other businesses .

– Rising prices –

Lagarde can also expect to be asked about the bank’s new inflation target, which it has termed a “simpler” and “more symmetrical” target, meaning the bank will temporarily break above or below inflation before intervening.

Inflation in the eurozone has been persistently low for years, despite exceptional economic stimulus efforts by the ECB.

But global consumer prices have risen in recent months, driven by one-off factors related to the pandemic such as demand for the lockdown and supply chain bottlenecks.

Investors are on high alert over the price hikes as they fear they could force policymakers to hike rates, hindering post-Covid recovery.

Lagarde is likely to reiterate that the ECB plans to “see through” what is likely to be a temporary rise in inflation and reiterate that interest rates will remain lower for longer.

This would put the ECB on a different path than the United States, where the Federal Reserve is getting closer to a rate hike.

The ECB expects inflation in the euro area to hit 1.9 percent this year before dropping back to 1.4 percent in 2023 – far from the bank’s target.

Many analysts say the ECB is unlikely to make any policy changes until its next meeting in September, when it releases new inflation and growth estimates that will paint a clearer picture of the delta’s impact on economic activity.

mfp / dlc / wai

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