Remarks by ECB policymaker, Ignazio Visco

  • Bottlenecks are transitory, will take time
  • Price pressures may last some months, even into next year
  • Don't see second round effects
  • Monetary policy will remain accommodative, will look through price pressures

Yada, yada. We've heard this all before. As much as they don't want to accept it, this whole transitory narrative is getting a bit stale. A rate hike may not be what policymakers at the ECB would like but they have to figure something out on the inflation front either way.