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Lagarde's comments echo those from last week's press conference

ECB
  • Some focus on Lagarde's comments this morning in an interview with Delfi Bizness (full article available here behind a paywall)
  • She notes that inflation is too high and the ECB hasn't reached its destination on rates yet and that the growth outlook has weakened versus the September forecasts with a higher probability of a recession.
  • Her comments echo those from the Q&A of last week's press conference where she said the ultimate destination is the rate that will deliver the 2% inflation target in the medium term and that the ECB has made progress on normalisation, but still has ground to cover. She also said in the press conference that the ECB will take a decision meeting-by-meeting and that it "might well be several meetings" before rates peak.
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