Initial thoughts on Lagarde's first press.......>

ECB: Initial thoughts on Lagarde's first press conference:

- Appeared relatively at ease and set her stall early by de-emphasising the need

to scrutinise her every word and read between the lines. Although, invariably,

she is likely to naturally develop her own style of communication which will be

poured over by the market.

- Seemed to be more interested in direction and trends when it comes to

economic/market data, rather than absolute levels/estimates. This was further

reflected in her comments on estimates of the output gap (which central banks

have a tendency to misjudge). She will be less technocratic than Draghi. That in

itself will be interesting to observe in terms of her communication and

signalling in the future.

- Largely towed the line in terms of signalling continuity with her predecessor,

at least in the near term. That she was keen to get the strategic review

underway suggests that she is willing to overhaul monetary policy tools and

reconsider how to meet the ECBs mandate (if needed).