ECB's Knot: Today's inflation is water under the bridge

• Gradualism is not a mistake
• We can afford to be gradual as long as inflation seen converging towards target
• Calls for APP program to be wound down as quickly as possible
• Does not see QE unwinding sooner than Q3; more likely early Q3 than late
• Doesn't see recession, sees 'slowflation'
• Rate hike can come in Sept, Oct or Dec
• Likelihood of second round effects is becoming larger

Is this an April Fool's joke?Their job is inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term near 2% and it was at 7.5% in today's report. Show a bit of humility.

My favourite take is that the ECB can't end QE earlier and hike because it would damage the credibility of their forward guidance.And if 'slowflation' is their baseline, you know it's bad; because they're always too optimistic.