Lagarde comments -

The conference with Christine Lagarde, the ECB president, has just begun. The theme of the speech is monetary policy in the Eurozone. Here are the most important comments made by Lagarde:

This is not the time to declare victory
Eurozone activity has stagnated in recent quarters and is likely to remain weak for the rest of the year
We expect inflationary pressures to weaken further
We need to look carefully at the various forces affecting inflation and focus firmly on our mandate to maintain price stability
The medium-term inflation outlook remains subject to considerable uncertainty
There are some signs that employment growth may lose momentum toward the end of the year
Wage pressures, meanwhile, remain strong
Core inflation may rise again in the coming months

Overall, Lagarde's statement confirms earlier assumptions made by individual ECB bankers. The baseline scenario remains keeping rates unchanged, and unless any rebound in price pressures in the coming months surprises bankers with its dynamics, indications from money markets suggest that the first rate cut could take place as early as April 2024.

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Lagarde comments - "we expect further weakening of inflationary pressures" (27.11.2023)