Lagarde speech: Depreciation of euro adds to buildup of inflationary pressures
|Christine Lagarde, President of the European Central Bank (ECB), said on Monday that they expect the economic activity in the eurozone to slow substantially in the coming quarters, as reported by Reuters.
Additional takeaways
"As of the first quarter of 2023, we will start publishing climate-related information on our corporate bond holdings."
"The depreciation of the euro has also added to the build-up of inflationary pressures."
"The best contribution monetary policy can make to the euro area economy is to ensure price stability over the medium term."
"Signs of recent above-target revisions to some indicators of inflation expectations warrant continued monitoring."
"The risks to the inflation outlook are primarily on the upside."
"We expect to raise interest rates further over the next several meetings."
"The strong demand for services that came with the reopening of the economy is losing steam."
Market reaction
These comments were largely ignored by market participants and the EUR/USD pair was last seen losing 0.25% on the day at 0.9670.
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