ECB's Schnabel: Activity has moderated visibly, and indicators signal weakness ahead

<ul><li>Also cannot predict for how long rates will have to stay at restrictive levels</li><li>After more than a year of significant monetary tightening, the outlook for the euro area remains highly uncertain</li><li>Activity has moderated visibly, and forward-looking indicators signal weakness ahead</li><li>Headline inflation has come down but underlying price pressures remain stubbornly high</li><li>Assessing the monetary policy stance meeting-by-meeting and adjusting it
when necessary will ensure that it remains appropriate at all times</li><li>Over the past few months, however, economic sentiment has steadily deteriorated</li><li>Reported orders and activity in the services sector are now declining</li></ul><p>That's not a lot of confidence that policymakers got a clue of what they are doing ahead of the September meeting.