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Lagarde: Vigilent Over Domestic Inflation, Wages, Profits

ECB

Q: Did the majority of the GC believe there would be not enough information to prompt an April cut? How much further do wages need to slow for you to be comfortable with a cut?


A: There is general agreement that there will be a lot more data and evidence in June.

  • There is a broad agreement that we will not change our views on one single data. What we are seeing are indications of good directional movements, but it is not strong and durable enough at the moment to give us sufficient confidence.
  • There is the general sentiment and the policy decision was unanimous.

A: There are two components that we are particularly vigilant over: evolution over wages and profits.

  • Domestic inflation is the only component of underlying inflation that is not moving in the same direction as the other instruments.
  • It is largely informed by services, which is mostly labour intensive and so sensitive to wage evolution.
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