The accounts of September ECB monetary policy meeting provide no surprise nor anything of particular importance. One thing to note is that the Governing Council was more comfortable with the inflation outlook. It’s noted that there was “broad agreement” on the “progress towards a sustained adjustment in the path of inflation”. And, “while measures of underlying inflation remained generally muted, they had been increasing from earlier lows.”
ECB added that “Comfort was drawn from the strengthening and broadening of domestic cost pressures, which were supported by the ongoing economic expansion, high levels of capacity utilisation and increasing labour market tightness, which was leading to rising wages.” Most importantly, “uncertainty around the inflation outlook was receding.”
