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Lagarde: Will Hike In July Absent Material Change; Not Thinking Of Pausing

ECB

Lagarde's opening statement concludes, and the Q&A begins. The first question:

  • Q: 6 weeks ago there was fairly similar guidance and you said in the press conference that the ECB was not pausing, will you do the same today? And what can you learn from the Fed's pause? Or any reason to contemplate a similar pause?
  • A: This meeting saw new projections and we have looked at data and revised projections. We have used the 3 elements of our reaction function and that is why we hiked 25bp.
  • Are we done? No, we are not at destination, we have ground to cover.
  • Unless material change to baseline will continue to raise rates in July because are determined to reach target in timely manner.
  • What's the difference between pause and skip? As far as the ECB is concerned, "I said what I said".
  • We have hiked and unless material change to baseline will continue to hike at next meeting. We are not thinking about pausing.
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