I like 1. I do NOT like 2. This is where shades come in (and also my ignorance) but I think our language about the magisterium is "protected from error," as distinct from "inspired." FWIW
OK, thanks. That makes a big difference to me and helps to clear up what some others were saying. From my reading of the Catechism the Catholic Church seems to put the scriptures in its own category, not on a same level with later writings. I don't know if the concept of "holy" would come into play here. I don't know if the Catechism is considered to be holy in its own right.
I never heard it referred to as "holy", nor, in fact, any of the Magisterial teaching so described. No one would say "holy encyclical" or "holy Council XYZ of the Church". I think, "protected from error" is about right.