• ECB has sent a forceful signal with 75 bps rate hike
• Inflation uncertainty is too big in order to give a forward guidance

In other words, he’s just laying on the aggressive tone that was given out yesterday. On the balance of things, the ECB was definitely hawkish but for the most part, it is already what markets had anticipated. I think the fact Lagarde alluded to the possibility of the tightening potentially stopping in February or March should perhaps garner more attention – but not on a day when the dollar is course correcting I guess.