Accounts Flag Few Fresh Signals for Policy Ahead

ECB accounts posted here.

ECB accounts highlights - relatively little new:

• Indicators of underlying price pressures remained strong, although some showed tentative signs of softening.
• The accumulated policy tightening was increasingly taking hold in the economy, as the tighter monetary policy stance seemed to be gradually felt in real activity.
• On inflation: It was observed that, while food inflation had started to come down somewhat, it remained elevated overall, and geopolitical risks and weather and climate-related factors, including El Niño, pointed to upside risks.
• However, doubts were expressed about whether a particular emphasis on core inflation was justified, as it was not seen to be a leading indicator of future headline inflation.