ECB’s Praet: Inflation convergence needs more time to show through

ECB Chief Economist Peter Praet is out on the wires now, via Reuters, noting the following:

The solid upswing continues to broaden across sectors and countries

Entire distribution of inflation expectations still needs to shift a fair distance to the right

Recent survey data point to a strong start to the second quarter

We need to be patient, because inflation convergence needs more time to show through

The increasingly solid cyclical recovery reflects the success of our monetary policy measures