- We are monitoring actual inflation data, in particular for services
- Monthly figures will be volatile due to base effects on energy
- This "noise" is not very meaningful
- We are still more outlook driven
- Remains confident that inflation will be back to 2% target next year
- Will reach inflation target along with a soft landing
The point they are trying to make is that even by cutting rates, it doesn't mean that they are taking the wrong step in the battle against inflation. Central bankers are just like politicians these days. The first rule of the job is to cover your ass. Pfft.
