Or, in technical terms: how long should the key interest rates remain at that restrictive level? I do not want to speculate about exact time frames at this point. However, it is clear that interest rates will likely have to remain at higher levels for longer. So, once we have slowed our car down to the right speed, we should keep the pace steady.
All things considered, it is clear to me that we still have some way to go on our course of monetary policy tightening. We need to continue until our engine has cooled down not just on the surface, but also at its core.