Another master class in central bank communication from President Christine Lagarde at today’s ECB press conference. Notably:

The analytics of tracking the inflation dynamics (including spillovers from higher energy prices), The growth outlook, The delicate (meeting-by-meeting) consensus on the Governing Council, and Her plans. #economy #markets #centralbanks #ecb @Lagarde @ecb #inflation #growth — via @elerianm

Lagarde's ECB details on inflation spillovers and growth outlook drove macro sensitivity.