Sounding surprisingly bullish for once

  • There may be upside risks to the ECB's Q1 & Q2 projections

  • Sees upside risks only in the very short-term

  • Longer-term risks are still tilted to the downside

  • Still sees high political uncertainty

Well that bullishness potion ran out quickly.

  • The world economy is doing better but there are still a number of worries

Well and truly back to the glass half empty ;-)

  • The time has not come yet to tighten policy
  • Eventual policy tightening will need to be done in a cautious way