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Lagarde: Risks To Inflation Are Tilted To The Upside

ECB

Lagarde's prepared comments continue, with a focus on inflation - and of particular note for markets, the recognition of upside risks:

  • There are signs that supply bottlenecks may be starting to ease, but they will persist for some time.
  • We continue to see the risks to the economic outlook as broadly balanced over the medium term.
  • Persistently high cost of energy could exert a stronger than expected drag on consumption and investment.
  • The pace at which supply bottlenecks is resolved is a further risk to growth and inflation. Compared to the previous outlook, risks to inflation are tilted to the upside, particularly in the short term.
  • If price rises feed through into wages, or the economy returns to capacity sooner, inflation could push higher.

Prepared comments finished, Q&A begins

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