• Not in the clear yet on inflation
  • ECB is behind the curve, can assess policy once at 4%
  • Should start debate on ending PEPP reinvestments

He looks to be trying to push for it but it is quite evident that not all ECB policymakers are sharing this view. In terms of market pricing, it's pretty much a coin flip for September at this stage. The odds of a 25 bps rate hike are pinned at around 45% currently, with the remainder 55% pricing in no rate hike for next month.