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Lagarde: At this point I would not say we have more ground to cover

ECB
  • Q: What data gives you more confidence that you may be able to pause? The US has risen rates further than the ECB. Do you agree with the IMF that the ECB may have more ground to cover?
  • A: All data are important. We will be looking at all inflation data. We will have two headline inflation data readings, we will look at core inflation and we will go deeper into underlying inflation numbers.
  • A: The Fed started earlier than the ECB and started from a base that did not mean negative rates. Do we have more ground to cover? At this point in time I would not say so. The assessment of data will tell us whether and how much ground we have to cover in September and at subsequent meetings. It may vary from one month to another.
(Bolding our own).
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