ICYMI - The ECB set its inflation target at 2% after their strategy review

Justin had the (as expected) details in his post during Europe time:

• ECB sets inflation target at 2% after strategy review
• New strategy adopts symmetric 2% inflation target over medium-term - This may also imply a transitory period in which inflation is moderately above target
• a move away from their previous inflation targeting of "below but close to 2%"

And, later, during the US session more from the Bank:

• ECB's Lagarde: New "more narrative based" statement will replace introductory statement at ECB press conference

And this:

• ECB sources: Policymakers failed to resolve differences over policy guidance
• Lagarde was hammered today with questions about what the change in ECB mandate means and she bumbled her answers. A sources leak from Reuters revealed one of the reasons why: Because her marching orders from the governing council were unclear.

Its a bit of a dog's breakfast at the ECB at present ... well, maybe not just at present.