All members viewed risks to inflation outlook as tilted to the upside, ECB account shows

The ECB releases the account of its monetary policy meeting from March last month The energy supply shock has had a large impact on near-term inflation compensation in the euro areaLonger-term inflation compensation had remained broadly stableDespite strong increases in spot prices for oil and gas, it was argued that energy markets could still be seen as rather… The energy supply shock has had a large impact on near-term inflation compensation in the euro area Longer-term inflation compensation had remained broadly stable Despite strong increases in spot p... The energy supply shock has had a large impact on near-term inflation compensation in the euro area Longer-term inflation compensation had remained broadly stable Despite strong increases in spot prices for oil and gas, it was argued that energy markets could still be seen as rather sanguine about the situation The strong backwardation of futures prices seemed to suggest that a normalisation of global oil and gas supply within the… For traders, releases like this can quickly shift rate expectations, currency direction, index futures and broad risk sentiment. Watch the next move in the dollar, front-end yields and index futures to see whether the market prices this release as a true surprise or only a passing headline.