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Lagarde: Likely More Ground To Cover Beyond March, But Data-Dependent

ECB

Q: Do you see any risks of bond market turmoil?

  • A: The TPI was intended to protect the transmission throughout the entire euro area. It is available and will be used if necessary.

Q: Is the market correct on the path for rates?

  • A: We shall return inflation to 2% in the medium term. We know that rates are the best tool to do this. We will use policy rate hikes to return inflation to target. We are certainly not there now, nor will we be in March. What will happen next will be a factor of how much ground to cover – and there will likely be more ground to cover, but it will be data dependent.
  • Once we move into restrictive territory, we have to stay at that level so that we are confident that inflation will stay at target.
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