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Lagarde Talks Down Prospect of Back-to-Back Rate Cuts

ECB
  • In a joint interview with several European newspapers, ECB's Lagarde states that "we're not declaring victory over inflation yet [...] there might be periods with rates on hold, and rates aren't on a linear declining path".
  • Relatively little here that we didn't get from last week's ECB press conference - the ECB President again stresses that caution is the dominant force at the ECB, and markets shouldn't expect back-to-back policy rate cuts.
  • Forward guidance is a particular part of focus for the interview - wherein she says "forward guidance is not going to help us":
  • "Asked why the ECB’s policy statement last week didn’t refer to reducing the current level of monetary-policy restriction, she responded that “removing the easing bias was dictated by our wanting to be data dependent, with a real understanding of where we are heading and when we will reach 2%.” Given high uncertainty, “forward guidance is not going to help us,” Lagarde said. "
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