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Operator
Greetings and welcome to Union Pacific s Fourth Quarter 2020 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded and the slides for today s presentation are available on Union Pacific s website.
It is now my pleasure to introduce your host, Mr. Lance Fritz, Chairman, President and CEO for Union Pacific. Mr. Fritz, you may now begin.
Lance M. Fritz
Chairman, President and Chief Executive Officer
Thank you very much, Rob, and good morning everybody and welcome to Union Pacific s fourth quarter earnings conference call. I apologize for the delay. Our service provider was experiencing technical difficulties this morning. We will handle any necessary and appropriate public disclosures after the call.
of 2021
The ECB holds its first meeting and press conference of 2021 on Thursday 21st January against a backdrop of heightened stimulus and a warning for governments to not to be too hasty when retightening their post-lockdown belts.
Christine Lagarde, ECB President, has warned to avoid against reacting swiftly against any improvement in economic conditions this year if inflation starts to bite. Speaking on Wednesday 14th January, Lagarde predicted a rebound due to “pent up demand” but said this wouldn’t be enough to warrant a major readjustment in monetary policy as this could lead to serious risks.
The pandemic has led to a sharp rise in household savings across Europe with a corresponding drop in services activity like restaurants, holidays and trips to the cinema. This has contributed to downward pressure on prices precipitated by lower energy costs and VAT cuts in countries like Germany. As such, the ECB inflation rate dropped in the negative in the fi