• Monetary policy is now on a good trajectory
• Inflation is much less worrisome than when ECB first started cutting rates in June
• „I am not per se against lowering rates, I only object when the timing does not look right“
• Headline inflation expected to rise temporarily in the coming months due to base effects
• October might not be the right time given limited amount of additional data

The full piece can be found here (may be gated). Anyway, this is as much of an endorsement as you’ll get to yesterday’s decision coming from an ECB hawk. It also reaffirms expectations of another pause by the ECB next month before going again in December.

This article was written by Justin Low at www.forexlive.com.