For “natural enough” systems of ordinal notation we show that α times iterated local reflection schema over a sufficiently strong arithmetic T proves the same Π 1 0 -sentences as ω α times iterated consistency. A corollary is that the two hierarchies catch up modulo relative interpretability exactly at ε-numbers. We also derive the following more general “mixed” formulas estimating the consistency strength of iterated local reflection: for all ordinals α ⩾ 1 and all β, β ≡ Π 1 0 (...) T ω α · , α ≡ Π 1 0 T β + ω α . Here T α stands for α times iterated local reflection over T , T β stands for β times iterated consistency, and ≡ Π 1 0 denotes mutual Π 1 0 -conservativity. In an appendix to this paper we develop our notion of “natural enough” system of ordinal notation and show that such systems do exist for every recursive ordinal. (shrink)