• Probability of recession is increasing
  • Recession would mitigate inflation pressures
  • We may have to adjust monetary policy stance further

It's not much and it isn't coming from too prominent a policymaker within the central bank but this is something fresh at least. The ECB has been adamant that it will keep up the good fight against inflation but as a recession looms just around the corner, the window to keep tightening is surely closing in on the central bank.