The ECB's Signaling in a Very Hawkish Stance?

HSBC's Harold van der Linden: ECB did exactly what was expected. But the press conference was a bit of a roller coaster? He says markets think central banks will ultimately have to follow what they're expecting, or perhaps markets just expect that inflation will fall back much more rapidly than the central banks are forecasting. Van der Linden and Newman: It's going to be very interesting this year seeing how that resolves itself.