The ECB left rates unchanged and continues to expect that current rates will be enough to bring inflation back to target. Financial markets remain in a data-dependent mode and interpreted today’s message slightly dovishly. The ECB expectedly and unanimously left its deposit rate unchanged at 4% after ten consecutive increases today. While many parts of first paragraph of the monetary policy statement were re-written and the overall tone was slightly soft, the underlying message remained largely the same. The incoming information has broadly confirmed its previous assessment of the medium-term inflation outlook. ... (full story)