With new inflation estimates, the ECB confirmed its position on the temporary nature of the phenomenon in 2021. By confirming those figures for 2023 at 1.4%, kept the “hawks” within the Governing Council in check at least for now. As far as the ECB is concerned the view will be to the Strategic Review in September. It was the insistence on the transitory nature of inflation that led to the fall in government bonds’ rates. It peaked shortly after the publication of the US CPI.