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Lagarde: We Talked About Inflation (x3);  Rate Hike Pricing Unsupported

ECB

Lagarde Q&A begins:

  • Q: What was the top of the agenda this meeting and which discussions took place on inflation? Why is the market wrong to expect a rate hike next year?
  • A: We talked about inflation, inflation and inflation. We analysed in depth the factors driving inflation and we looked at what is happening now as well as the medium-term outlook. We did a lot of soul searching and we are confident in our analysis on the temporary nature of the recent inflation drivers. This will take a little longer than we expected.
  • Lagarde reiterates the impact of supply bottlenecks, rising energy prices and the impact of the Germany VAT cut.
  • Says that the ECB's analysis does not support the market's rate liftoff expectations.
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