Lagarde and Schnable speeches are a clear tactical shift from the ECB and a call to arms

• Risks are growing that current high inflation is becoming entrenched in expectations
• Inflation could stay at painfully high levels for a considerable period of time
• The urgency for monetary policy to take action to protect price stability has increased in recent weeks
• Risks are rising that current high inflation is becoming entrenched in expectations
• We have to underline more forcefully our determination and commitment to protect our primary mandate
• It is time to put an end to the measures that were activated to fight low inflation
• Underlying price pressures can be expected to persist for as long as global supply and demand imbalances do not improve visibly
• Labour market conditions in the euro area continue to tighten
• The share of companies in the euro area reporting labour as a factor limiting production is now higher than ever before
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I can't see this speech combined with Lagarde's monumental shift to be anything other than a coordinated effort at the ECB to signal a higher, longer path of interest rates.

I think market participants are so blind to ultra-low ECB 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 messaging and dovishness that they can't see these speeches for what they are: A call to arms.