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Lagarde: Consensus = Premature To Discuss Rate Cuts

ECB
Q: On interest rates - you said last week rates would likely be cut in the summer. Did you discuss the timing of a cut, if you didn't would you stand by remarks and therefore say March and April are off the table.
  • A: The consensus was that it was premature to discuss rate cuts. Stand by my comments - wouldn't exactly characterise as was paraphrased. Very much consensus around table was that we must continue to be data dependent rather than date dependent.

Q: Given tensions in shipping, have you become more concerned and how would you react if inflation picks up due to higher shipping costs or supply chain disruptions?

  • A: Would be wary of comparing supply bottlenecks to disruption during Covid. There is more shipping capacity than 2020/21 but costs/fees are increasing. Most observers say it is having a moderate impact. Shipping is around 1.5% of total costs. If there was escalation, would need to see the impact it had on shipping or indeed the impact of energy / fuel costs.
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