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The European Central Bank left key policy tools unchanged Thursday, but changed forward guidance to reflect its new 2% symmetric target and tolerance of an overshoot, saying it will not raise rates until inflation reaches that level "well ahead of" the end of the projection horizon," and durably for the rest of the projection horizon."
As anticipated, the newly streamlined statement replaced reference to the inflation outlook robustly converging to a level close to target with the need for "realised progress in underlying inflation [that is] sufficiently advanced to be consistent with inflation stabilising at two per cent over the medium term."
"This may also imply a transitory period in which inflation is moderately above target," the statement added.