Lagarde: Decline In Inflation "Broad Based" Amid "Uneven" Econ Conditions

The ECB's post-meeting press conference begins as usual with President Lagarde reading out the text of the Monetary Policy Decisions statement (here). She moves on to the description of the economic landscape:

• Conditions in different sections of the economy are uneven. Manufacturing continues to weak, services remain resiliant. The labour market remains a source of strength. The average number of hours worked has increased but is somewhat below the pre-pandemic level.
• Notes the decline in inflation was "broad-based".
• Indicators of underlying price pressures remain strong, although some have shown tentative signs of softening.
• Although most measures of inflation expectations remain around 2%, some remain elevated and need continuing monitoring.