Speaking in Vienna
For someone not discussing QE or tapering, he’s talked a lot about it. The gist is that we’re all to sit on our hands until June at the earliest. His comment on the ECB concentrating on headline inflation and not the core is interesting as that’s the one that’s likely to surpass the ECB’s target soon, if the current momentum remains. The core is also the number they can fall back on to suggest inflation isn’t running hot. Maybe like the BOE, we’ll start to hear the ECB’s talking about tolerance levels.