• Energy transition and climate change is triggering profound transformations in energy markets
• We are seeing profound changes in the labour market and the nature of work
• If we face both higher investment needs and greater supply constraints, we are likely to see stronger price pressures
• We need to set rates at sufficiently restrictive levels for as long as necessary to achieve a timely return of inflation to our 2% medium-term target

I thought this could have been something notable but the ECB wants to see the final inflation report and other data beforre coming to an agreement on what to do in September. The market is priced 50/50 and there are some strong opinions on the Governing Council.

In the aftermath of this speech, the odds of a Sept hike ticked up to 53% from 50%.