Lagarde: If Baseline to Persist When the Uncertainty Reduces, Will Have a Lot More Ground to Cover
ECB’s Lagarde: Financial Market Tensions Have Been Severe— *seven (@sevenloI) March 16, 2023
- Reiterates ECB’s Data-Dependent Approach Going Forward
- If Baseline to Persist When the Uncertainty Reduces, Will Have a Lot More Ground to Cover
- This is a Big Caveat
LAGARDE: IMPOSSIBLE TO DETERMINE WHAT THE RATE PATH WILL BE— *Walter Bloomberg (@DeItaone) March 16, 2023
*LAGARDE: STAND READY TO RESPOND TO PRESERVE PRICE STABILITY— zerohedge (@zerohedge) March 16, 2023
ECB’s Lagarde: Can Exercise Creativity In Short Order If There Is A Liquidity Crisis— LiveSquawk (@LiveSquawk) March 16, 2023
-But This Is Not What We Are Seeing
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post at 9:48am: ECB'S LAGARDE: MONITORING MARKET TENSION CLOSELY post at 9:49am: *LAGARDE: ECB FORECASTS WERE FINALIZED IN EARLY MARCH post at 9:50am: ECB PRESIDENT CHRISTINE LAGARDE: 'INFLATION IS PROJECTED TO REMAIN TOO HIGH FOR TOO LONG' #ecb #europeancentralbank #interestrates #monetarypolicy #christinelagarde post at 9:54am: ECBís Lagarde: Economy to Recover Over Coming Quarters - Industrial Production Should Pick Up - Labour Market Strong - Government Energy Aid Should Be Temporary, Targeted - Important to Roll Back Support Measures Promptly post at 9:56am: ECBís Lagarde: Underflying Price Pressures Remain Strong - Services Inflation Driven by Past Energy Increases - Wage Pressures Strengthened - Most Meansures of Long Term Inflation Expectations Stand Around 2%
ECB President Christine Lagarde explains the Governing Council's monetary policy decisions and will answer questions from journalists at the Governing Council press conference.
Inflation is projected to remain too high for too long. Therefore, the Governing Council today decided to increase the three key ECB interest rates by 50 basis points, in line with its determination to ensure the timely return of inflation to the 2% medium-term target. The elevated level of uncertainty reinforces the importance of a data-dependent approach to the Governing Councilís policy rate decisions, which will be determined by its assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission. The Governing Council is monitoring current market tensions closely and stands ready to respond as necessary to preserve price stability and financial stability in the euro area. The euro area banking sector is resilient, with strong ca post at 9:17am: ECB: Inflation Too High for Too Long ECB: Data Dependent Approach Needed ECB: Stands Ready to Act As Necessary ECB: Banking Sector Resilient ECB: Toolkit Fully Equipped ECB: Governing Council Is Monitoring Current Market Tensions Closely and Stands Ready to Respond As Necessary https://t.co/ULUy8YSeSa post at 9:17am: #ECB IS READY TO RESPOND ON PRICE STABILITY, FINANCIAL STABILITY - BBG *ECB: TOOLKIT EQUIPPED TO PROVIDE LIQUIDITY SUPPORT IF NEEDED *ECB: TPI IS AVAILABLE FOR UNWARRANTED, DISORDERLY MARKET MOVES
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post at 10:11am: Ecb's president lagarde: 3-4 didn't support decision. post at 10:10am: ECBís Lagarde: Not Waning on Our Commitment to Fight Inflation - Given Uncertainty, Better to Make Decision That We Believe Is Robust - Determined to Return Inflation to 2% - Board Proposed No Other Option - Was Adopted by Very Large Majority post at 10:13am: ECBís Lagarde: 3-4 Didnít Support Decision - Dissenters Wanted More Time to Monitor Situation - No Tradeoff Between Price and Financial Stability - Stand Ready to Provide New Facilities if Needed - Euro Liquidity Is Perfectly Addressed post at 10:27am: #ECB LAGARDE: DIDN'T DECIDE ANYTHING ON APP ROLLOFF - BBG
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