• There
  had been further progress on all three elements, which warranted increased
  confidence that inflation was on track to reach the ECB’s target
• More
  data and evidence were needed for the Governing Council to be sufficiently
  confident of this
• Inflation
  was expected to continue its downward trend in the coming months
• A
  bumpy profile and a trough were expected after the summer
• There
  were signs that wage growth was starting to moderate
• Members
  expressed increased confidence that inflation was on track to decline
  sustainably to the 2% inflation target in a timely manner
• Important not to be complacent, as the
  disinflationary process remained fragile
• The
  case for considering rate cuts was strengthening

This article was written by Arno V Venter at www.forexlive.com.