Just saw that - "strong vigilance" is back - not such good news.
Speaking in Frankfurt, Mr Trichet said inflationary pressures had increased over the last month and that "strong vigilance" was required.
"Strong vigilance is warranted with a view to containing upside risks to price stability," Mr Trichet said.
The ECB used the phrase "strong vigilance" repeatedly during its 2005-2007 rate hike cycle, typically one month before it raised rates, although there were exceptions to that rule. It is not clear whether the verbal signal still holds good.
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