Can’t respond to current high inflationECB orientation is geared towards the medium-termAgain, this does not sound like someone who is advocating for tighter policy sooner rather than later. Is it that surprising? Not in the slightest. The central bank continues to toy with market hopes but it is increasingly evident that they don’t really have the stomach for tighter policy when push comes to shove.In turn, this could be a headwind for the euro in the months ahead as the Fed begins to flex its muscles.