ECB Statement: All key rates left unchanged, as expected

GUIDANCE:  ECB to follow data-dependent, meeting-by-meeting approach ECB not pre-committing to a particular rate path ECB says rate decisions will reflect inflation outlook, underlying inflation and monetary policy transmission Stands ready to adjust all instruments to stabilise inflation at 2% over medium term APP and PEPP portfolios declining at measured and predictable pace as reinvestments have ended Transmission Protection Instrument available to counter unwarranted, disorderly market dynamics threatening policy transmission INFLATION:  Energy price outlook close to June staff projections and well above pre-conflict levels Full inflationary impact of energy shock has yet to play out ECB monitoring intensity and duration of energy shock and its indirect and second-round effects ECB committed to ensuring inflation stabilises at 2% target over medium term