- Need to be very cautious about policy decisions
- A lot has already been done
He’s not giving much away but the ECB will have a tough time trying to manage market expectations at this point. Inflation is still keeping rather stubborn and the “safe bet” would be to raise rates one more time. But if they do skip, expect markets to take that as a sign of pausing especially since the economy is starting to run into the ground now in Q3.