ECB’s Lane: Rise In Long-Term Rates Will Slow Growth And Reduce Pass-Through By More Than Projected

Underlying Inflation Indicators Indicate That An Upward Shift In Medium-Term Inflation Has Not Taken Hold We Remain In The 'Middle Path' For Monetary Policy, Measured Response Is Appropriate Demand Destruction Channels Of High Energy Costs Can Limit The Required Adjustment Of Ecb Rates Second Wave Of The Energy Supply Shock Poses Direct Upside Risks To The Inflation, Downside Risks To The Growth