ECB's Schnabel is speaking and says:
- We are facing a massive energy price shock.
- There is no need to rush into action.
- We have time to analyze the data.
- ECB should not be rushed to raise rates.
This has a stagflation-lite feel—the energy shock keeps inflation risks alive, but the wait-and-see stance tells you the ECB isn’t in a hurry to support growth. That’s not a green light for risk, and it leans more bearish for the economy, while keeping a hawkish bias on inflation vigilance.
