This strengthens our confidence that headline inflation will gradually move towards the Governing Council’s objective. But measured inflation remains exceedingly volatile and metrics of underlying price pressures continue to be subdued. The entire distribution of inflation expectations still needs to shift a fair distance to the right.
4/5  BIS central bankers' speeches  And we need to be persistent, because the baseline scenario for future inflation remains crucially contingent on very easy financing conditions which, to a large extent, depend on the current accommodative monetary policy stance. 5/5  BIS central bankers' speeches