ECB's Nagel: inflation is returning to its 2% goal increasingly unlikely

Interest rate rises and Asset purchases (or balance sheet if you will) are only linked in your mind.

You could raise rates without adjusting Asset purchases, it all depends which market spending you are trying to control.

He hasn't said anything until now.
Now it was time.

As of now, Lagarde doesn't have much to order.

"Could" raise rates early in Q3? Inflation over "2%" since Aug 2021.
"May" stop asset purchases end of Q2?
If you could and you thought it would help you'd have done both YESTERDAY.
Looking forward to my holidays when youll be able to spend Drachmas and Francs and Pesetas and... well you catch my drift.