• Inflation concerns before July rate hike have not been alleviated
• Growth is going to slow
• Technical recession in the euro area is possible
• Inflation could still accelerate in the short-term

She’s sending out a firm message that the ECB will look to continue with another big rate hike next month. That said, even if she wants to deny it, it is plain for all to see that the window to keep doing that is getting narrower for the ECB – that despite inflation continuing to surge. On that front, Schnabel doubles down to say that even „a recession would not be enough to control inflation”.