Lagarde actually reiterated her position after last week’s ECB interest rate decision. However, investors were not convinced at the time: Lagarde’s statements did little to dampen capital market speculation about a possible rate hike in the course of 2022. Speculation is driven by rising inflation, which is currently above the ECB’s 2 percent target.
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“In our forecast on interest rates, we have clearly stated the three conditions that must be met before rates start to rise,” Lagarde emphasized on Wednesday. “Despite the current wave of inflation, the medium-term inflation outlook remains subdued and so it is highly unlikely that these three conditions will be met next year.”
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