Nothing MArket Moving In Latest Comments

The latest round of ECB commentary does little to move the needle.

• BBG carried headlines from chief economist Lane, speaking with Yahoo Finance. Lane underscored the idea that rates need to remain at 4% for a sufficiently long period re: combatting inflation (perhaps intimating that he believes rates have peaked). Still, he pointed to continued data dependence, while also flagging some downside risks to the economy and playing down the likelihood of an imminent recession.
• Slightly before that, Governing Council member de Cos told Boersen-Zeitung that it is too soon to start talk on rate cuts, while stressing the need for caution re: balance sheet action and pushing back against the idea of considerations of active QT. de Cos also suggested that further action on minimum reserves for banks was not obvious (this comes at a time whereby speculation re: a potential RRR hike to combat excess liquidity is rife).