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Lagarde: Risks Aren't Symmetric, But Are More Balanced

ECB

Q: Which elements of current inflation developments are you most attentive to and how is this different from the US?

  • A: We have to look at energy as it is a key driver. It is still far too high. We are looking very carefully at wages, which will be a significant component in the months to come. We are looking at fiscal measures. The re-opening of the Chinese economy will come with consequences with respect to demand, exports and the price of commodities. Metals are already anticipating the impact of the Chinese re-opening.

Q: How important are the balance of risk to the future rate path? Were there different views within the GC on that?

  • A: We don’t think there is symmetry of risk, but it is more balanced than in December. There was not a lot of discussion on the risks paragraph – it was quite consensual.
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