Peter Praet (dove) is rather pushing back.......>

ECB: Peter Praet (dove) is rather pushing back against some of the overnight

hawkishness by Kllas Knot. Praet says "Patience is necessary because it takes

time for price pressures to build up, and to be reflected in the information

that forms the basis for our assessment of progress towards a sustained

adjustment in the path of inflation."

- And, "Persistence is necessary because the recovery in inflation is, in

itself, a consequence of the prevailing accommodative monetary policy stance.

Even if incoming data were to validate the expectation of a gradual build-up of

inflationary pressures, this would not be sufficient to affirm a sustained

adjustment, if even less supportive monetary policy conditions were to imperil

the inflation trajectory."