Published 2 times on the wire; the identical copies are folded into this page.
- We Are Around The Point Where Monetary Policy Starts To Become Contractionary
- Must Consider Whether Further Tightening Would Needlessly Harm Growth If Inflation Is Seen Subsiding
- Higher Yields Already Restrain Growth And Reduce Second-Round Inflation Risks
- Rapid Inflation Decline Would Mean ECB Needs To Do Less
- Reduced Second-Round Risks Would Allow Less Aggressive Policy Response
- Current Inflation Shock Differs From Previous Episode; ECB Entered It With More Credibility
- Inflation At 4%-4.5% Very Different From 8%-10%; Nonlinear Effects Not Yet Extremely Likely
- READ HERE