- PEPP wasn't discussed at this meeting
- Our determination to bring inflation to 2% is intact
- Rise in yields is a spillover that we take into account, it helps bring inflation down
- What we are seeing is a very-strong transmission of our monetary policy in the banking system in particular
- Hold doesn't mean we will never hike again
- We know that growth has weakened, we will have no forecasts in December
- PMI numbers are not indicative of vigorous growth
- Decision was unanimous
I think you have to take this one at face value. The ECB is in data dependent mode and is worried about some of the forward-looking PMIs but they want to see it in the hard data before moving to the sidelines and (eventually) shifting to a dovish stance.