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Subtle Statement Change Abandons "In Either Direction"

ECB

A small difference in the ECB statement that Pres Lagarde will surely have to address in today's press conference: the penultimate paragraph used to read, in Dec 2021: "The Governing Council stands ready to adjust all of its instruments, as appropriate and in either direction, to ensure that inflation stabilises at its 2% target over the medium term."

  • Today's statement omits the words "and in either direction": "The Governing Council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation stabilises at its 2% target over the medium term."
  • Probably not a significant hawkish shift but subtly motioning toward recognising that the next move in policy is likely to be to the tightening rather than easing side.
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