Fears of a global economic slowdown permeated the markets after the European Central Bank (ECB) lowered its growth forecast for 2019 last week.

“They’re basically admitting the economy is quite soft,” said Peter Cardillo, chief market economist at Spartan Capital Securities. This adds to one thing: uncertainty.”

ECB President Mario Draghi said its growth estimate was pared down to 1.1 percent after an initial forecast of 1.7 percent released in December.

“The persistence of uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets appears to be leaving marks on economic sentiment,” Draghi told reporters.

In the following video, Sarah Bloom Raskin, former Federal Reserve governor and Rubiestein fellow at Duke University, discusses recent ECB actions.

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