Lagarde: Monetary policy statement press conference
Good afternoon, the Vice-President and I welcome you to our press conference. The Governing Council today decided to raise the three key ECB interest rates by 75 basis points. This major step frontloads the transition from the prevailing highly accommodative level of policy rates towards levels that will ensure the timely return of inflation to our two per cent medium-term target. Based on our current assessment, over the next several meetings we expect to raise interest rates further to dampen demand and guard against the risk of a persistent upward shift in inflation expectations. We will regularly re-evaluate our ... (full story)
LAGARDE SAYS DECISION UNANIMOUS— *seven (@sevenloI) September 8, 2022
LAGARDE SAYS HAD DIFFERENT VIEWS AROUND THE TABLE
LAGARDE SAYS INFLATION SPREADING ACROSS WHOLE RANGE OF PRODUCTS, INCLUDING IN SERVICES
*Lagarde: Inflation Is Extremely High, Spans Sectors
ECB's Lagarde:— DailyFX Team Live (@DailyFXTeam) September 8, 2022
- Next rate hike will not necessarily be 75 basis points; 75 bps is not the norm
- Given how high inflation is, determined action had to be taken
LAGARDE SAYS DOWNSIDE SCENARIO FOR GROWTH INCLUDES NEGATIVE GROWTH IN 2023— *seven (@sevenloI) September 8, 2022
LAGARDE SAYS DOWNSIDE SCENARIO SEES GAS RATIONING
LAGARDE SAYS DOWNSIDE SCENARIO REALLY DARK
*LAGARDE: ECB CLOSELY MONITORING EURO, HAVE NOTED DEPRECIATION— 4XInsight (@4xInsight) September 8, 2022
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tweet at 8:52am: LAGARDE SAYS GAS DISRUPTIONS REINFORCE SLOWDOWN tweet at 8:54am: LAGARDE SAYS WEAKER GLOBAL DEMAND ALSO WEIGH ON GROWTH LAGARDE SAYS SLOWING ECONOMY TO LEAD TO SOME INCREASE IN JOBLESS RATE tweet at 8:55am: *ECB's Lagarde: Structural Policy Should Aim at Fostering Growth LAGARDE SAYS SUPPLY BOTTLENECKS PUTTING UPWARD PRESSURE ON INFLATION ECB'S LAGARDE SAYS HIGHER INFLATION PRESSURES ALSO STEM FROM WEAKER EURO LAGARDE SAYS EURO DEPRECIATION ALSO ADDS TO INFLATION tweet at 8:57am: *ECB's Lagarde: Oil Prices to Moderate, Wholesale Gas to Stay High LAGARDE SAYS WAGE GROWTH STILL CONTAINED LAGARDE SAYS INITIAL SIGNS OF INFLATION EXPECTATIONS ABOVE TARGET WARRANT MONITORING LAGARDE SAYS RISKS TO GROWTH ARE TO DOWNSIDE IN NEAR TERM tweet at 8:58am: ECB'S PRESIDENT LAGARDE: RISKS TO INFLATION ARE TILTED TO THE UPSIDE.
ECB President Christine Lagarde explained the Governing Council's monetary policy decisions and answered questions from journalists at the Governing Council press conference held ...
In the week ending September 3, the advance figure for seasonally adjusted initial claims was 222,000, a decrease of 6,000 from the previous week's revised level. The previous ...
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Federal Reserve Chair Jerome Powell speaks at Cato Institute's 40th Annual Monetary Conference.
tweet at 9:08am: *Fed's Powell: Pandemic Gave Rise To Much More Dire Consequences tweet at 9:09am: *POWELL: WOULDN'T HAVE SEEN SUCH HIGH INFLATION WITHOUT COVID tweet at 9:13am: Fed's Powell: - It is very much my view that we need to act strongly on inflation - We need to keep going until we get the job done tweet at 9:13am: *POWELL: PANDEMIC CONTRIBUTED TO CONSTRAINED SUPPLY - BBG *POWELL: PANDEMIC CONTRIBUTED TO REDUCTION IN LABOR-FORCE SIZE *POWELL: FED'S VIEW THAT WE NEED TO ACT FORTHRITHLY ON INFLATION *POWELL: FED NEEDS TO ACT NOW TO AVOID SOCIAL COSTS OF #INFLATION tweet at 9:14am: FED'S POWELL: HISTORY CAUTIONS AGAINST PREMATURELY LOOSENING POLICY.
tweet at 9:17am: FED'S POWELL: VERY IMPORTANT INFLATION EXPECTATIONS REMAIN WELL ANCHORED FED'S POWELL: TODAY THEY ARE PRETTY WELL ANCHORED OVER LONGER TERM FED'S POWELL: AT SHORT END, THE CLOCK IS TICKING AND MORE CONCERNS PUBLIC WILL INCORPORATE HIGHER INFLATION EXPECTATIONS tweet at 9:17am: FED'S POWELL: WE ARE COMMITTED TO DOING THE JOB OF MAKING SURE INFLATION EXPECTATIONS ARE ANCHORED FED'S POWELL: OUR JOB TO MAKE SURE THAT DOESN'T HAPPEN, COMMITTED TO THAT tweet at 9:18am: FED'S POWELL: LABOR MARKET DEMAND IS STILL VERY, VERY STRONG FED'S POWELL: WE HOPE TO ACHIEVE A PERIOD OF BELOW-TREND GROWTH FED'S POWELL: WAGES ARE RUNNING AT ELEVATED LEVELS tweet at 9:23am: Powell: Reiterates that Fed wants to slow demand to bring inflation down. Key is the labor market - especially wage growth. Average hourly earnings running at 5.2% which is well above the 2% to 3% growth rate prior to the onset of the pandemic. https://t.co/ThGzfdQaBq tweet at 9:27am: *Fed's Powell: Fed Won't Do Nominal GDP Targeting FED'S POWELL: MY VIEW THAT DUAL MANDATE HAS SERVED PUBLIC WELL, IS GENERALLY WORKABLE FED'S POWELL: TWO GOALS NOT IN CONFLICT AT ALL