Citi is pushing a broader definition of what separates a hawk from a dove at the European Central Bank, arguing the label hinges less on a policymaker's appetite for raising or cutting rates than on how that official believes inflation is formed. The distinction matters more than usual right now: the ECB is heading into a period of sweeping leadership turnover, and investors are trying to work out what the next set of rate-setters will do. The bank's analysis lands as several ECB officials publicly argue that the inflation fight is not over.
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