Lagarde speaks on policy outlook after holding rates steady in July
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Christine Lagarde, President of the European Central Bank (ECB), explains the ECB’s decision to leave key interest rates unchanged in July and responds to questions from the press. Follow our live coverage of the ECB policy announcements and market reaction. ECB press conference key quotes “Incoming data indicates that Euro area economy grew in the second quarter.” “Investments point to muted growth in 2024.” “We expect recovery to be supported by consumption.” “The labour market remains resilient.” “More jobs were likely created in the second quarter, mainly in services.” “Domestic inflation remains high.” “Wages are still rising at an elevated rate.” “Growth in labour cost will remain elevated in the near term.” “Wage growth is expected to moderate in the course of next year.” “Inflation is expected to fluctuate near current levels for the rest of the year.” “HICP to decline to target in second half of next year.” “Risks to growth are tilted to the downside.” “We spent a lot of times discussing wages, profits, productivity.” “Various wage measures point us in the direction of rather elevated levels.” “These were taken into account in June projections.” “Surveys indicated that elevated wage growth will decline in 2025 and 2026.” “There is limited recovery in productivity.” “The policy decision was unanimous.” “We are determined not to have a predetermined rate path.” “September decision is wide open.” “September projections, plus other data, will be taken into account.” This section below was published at 12:15 GMT to cover the European Central Bank’s policy statement and the immediate market reaction. The European Central Bank (ECB) announced on Thursday that it left key rates unchanged following the July policy meeting, as expected. With this decision, the interest rate on the main refinancing operations, the interest rates on the marginal lending facility and the deposit facility…
Filed under: News - @ July 18, 2024 8:22 pm