The full impact of the European Central Bank’s unprecedented monetary-tightening campaign is yet to be felt — even as officials gear up to lower borrowing costs in June, Chief Economist Philip Lane said. “While the impact of the tightening cycle on economic activity might have reached its maximum level at the turn of this year, model-based analysis suggests that the bulk of the impact on inflation is comparatively backloaded, with substantial pass-through still expected to transpire in the period ahead,” Lane said. The Irish policymaker said the current disinflation process that’s brought consumer-price gains to ... (full story)