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Lagarde: Situation Has Changed; Getting "Much Closer To Target" Inflation

FED
Q: Are you not willing to repeat your December statement that it is very unlikely that you will raise rates this year? You say inflation is tilted to the upside in the short term. Can you give us more insight on the medium term?
  • A: On interest rates hikes, I don’t make pledges without conditionalities. I did make those statements previously in December on the basis of the assessment of conditions. Come March, when we have additional data, we will be in a position to make another through assessment. I cannot judge what that will be.
  • The situation has indeed changed. We do refer to the upside risk to inflation. We need to continue to monitor very carefully, assess the situation on the basis of the data and then we will have to make a judgement.
  • We are getting much closer to target because in the medium term there are drivers of inflation that are helping us to finally reach target.
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