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Lagarde: Unanimous Concern About Inflation Among Governing Council

ECB

First question to Lagarde: In light of the record inflation reading, how did the discussion go in the GC – is the camp calling for action getting louder. The market is pricing in two rate hikes for 2022. You previously said a rate hike this year is still highly unlikely. What are you saying now?

  • A: There was unanimous concern among the GC about inflation.
  • The impact on the medium term outlook will be analysed in more depth in the March projections. We are all concerned about taking the right steps at the right time. There is a determination around the table not to rush into a decision without supporting data.
  • I never make pledges without conditionalities [responding to the question on rates]. We will assess very carefully and be data dependent – we will do that work in March. We will look at what are the drivers of inflation in the short term and the medium term.
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