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- ECB's Lagarde: Inflation at end 2022 to remain above target, but lower than now
ECB's Lagarde: Inflation at end 2022 to remain above target, but lower than now
ECB President Christine Lagarde, during testimony before the EU Parliament, said that inflation at the end of 2022 will remain above the ECB's 2.0% target, though will be lower than current levels. In wake of Lagarde's more hawkish remarks after last week's ECB meeting where she expressed greater levels of concern about inflation, this comment does not come as a surprise, though does mark a shift from the ECB's previously held stance that inflation will fall back under 2.0% by the year's end. We're seeing inflation moving to target leading to policy normalisation, she added, before adding that this would not amount to measurable policy tightening.
Additional Remarks:
"We see little evidence of risk to our monetary transmission process."
"PEPP reinvestment is one of the tools we can use if that happens."
"Growth in Q1 has been slower than anticipated, but will then pick up."
Market Reaction
The euro has not reacted to the latest remarks from Lagarde.
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