• ECB members concurred that latest data suggest inflation is likely to remain elevated for longer than expected
  • There was broad agreement that situation had changed and inflation narrative needed to be adjusted
  • It remained an open question as to whether the March projections would show inflation reaching ECB target within the projection horizon
  • Some argued that APP and NIRP were no longer consistent with incoming data
  • A number of members were of the view that forward guidance conditions were already broadly satisfied
  • But it was maintained that governing council should avoid an overreaction to inflation developments
  • Full accounts

Additionally, it was stressed that policymakers should avoid characterising inflation as "transitory" and instead focus on shifting to the view that inflation is to be expected "to decline in the course of the year". I don't think this changes much ahead of the meeting next week but there are some hawkish prospects to take note of at least. That said, it will depend largely on the broader view of the governing council so as to what the next steps for the central bank will be.