- Monetary policy journey is not over yet
- Inflation outlook continues to be too high for too long
- A lasting rise in inflation expectations is an upside risk to inflation
- The lags and the strength of transmission (of rate hikes) to the real economy remain uncertain
The headline remark is a bit of a word of caution ahead of the Eurozone CPI data later today. Besides that, the other remarks are consistent with what we have heard before.