- We have to do additional rate increases
- The pace of hikes will be determined meeting-by-meeting and be data dependent
- Did not discuss substantive APP issues today
- We stil have ground to cover on normalization
- The ultimate destination is the rate that will deliver 2% inflation in the medium term
- It might well be 'several meetings' but it will be determined meeting by meeting
The market is taking all this as very dovish, despite the regular nods to fighting inflation. She hasn't done a great job of convincing the market that the ECB will be vigilant on inflation.
