- The appreciation of the euro is not rapid, volatility not extreme
- The risk of undershooting inflation target is very limited
- The risks to inflation are balanced
- Markets understood perfectly well the post-decision message
- ECB is very close to the target now
- In the medium-term, tariffs will reduce both growth and inflation
- Fully convinced Fed swap lines will be maintained
- Bringing back gold reserves from New York not even discussed
It is pretty rare for central bankers to specifically comment on the level of the exchange rate so de Guindos is making a bold move here. The other comments are rather passable.
