- First rate hike will take place "some time" after end of net asset purchases
- "Some time" could mean a period of only a few weeks
- After the first rate hike, the normalisation process will be gradual
- It looks increasingly unlikely that the disinflationary dynamics of the past decade will return
- As a result, it is appropriate for policy to return to more normal settings
- Full speech
She's not being explicit about it but I would argue that the fact she isn't denying the more aggressive stance put out by the more hawkish policymakers is rather telling. All signs point towards a July rate hike now surely and inflation data will likely support that. But as for a move back towards zero, that remains to be seen.