ECB Minutes: headline inflation slightly lower than previously expected
|Account of the latest monetary policy meeting of the Governing Council of the European Central Bank (ECB), held 19-20 July 2017 were released just a while ago.
Key points:
• headline inflation slightly lower than previously expected due to oil, exchange rates
• more favorable growth outlook increases confidence that inflation will gradually converge to target
• core inflation shows tentative signs of pick-up, still needs conclusive evidence of upward trend
• it was generally judged paramount to avoid signals that might prove premature, be prone to over-interpretation
• accommodation required in either direction if needed
• rate setters expressed concern about possible market overshooting, notably in FX
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