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Lagarde: Did Not Discuss TPI, Have Made Significant Progress W 75bp Hikes

ECB
Q: Will subsequent hikes be smaller? When looking at TPI, what is more important for the ECB, the spread or absolute yield level of a particular sovereign issuer?
  • A: 75bp twice in a row is significant. We did this to withdraw monetary accommodation. We have made significant progress, but there is more ground to cover. I cannot tell you more than that at this time.
  • We did not discuss TPI at all. In order to trigger TPI we will look at a series of indicators, which includes yields and spreads. We will then determine if one country, or several countries, are eligible based on the criteria.
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