Comments from governing council member Villeroy:
- Risk remains we fall short of 2023 inflation target rather than exceeding it
- Exiting from PEPP would not signal the end of accommodative policy
- Future PEPP reinvestments will be key to keeping monetary stance accommodative
- It could be worth examining if and how at least some elements of PEPP flexibility should be kept in our toolkit
These guys have no idea where inflation is or where it's going.
