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  • Cannot meet current high inflation
  • The ECB’s orientation is focused on the medium term

Again, this doesn’t sound like someone advocating for a tougher policy sooner rather than later. Is it so surprising? Not at all. The central bank continues to keep the market’s hopes high, but it’s becoming increasingly clear that it doesn’t quite have the guts to adopt tougher policy if needed.

In turn, this could be a headwind for the euro in the coming months as the Fed begins to flex its muscles.

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