Lagarde made the comments in an interview with Redaktionsnetzwerk Deutschland that published Friday, in response to a question as to why the central bank...
Financial markets that have been pricing in faster-than-expected European interest rate hikes should, as they say, cool their jets.
“This would not solve any of the current problems. On the contrary, if we act hastily now, our economies could recover significantly worse and jobs would be at risk. That wouldn’t help anyone,” she said. The euro EURUSD, -0.34% was last down 0.4% to $1.1376. European stock futures indicated a lower open for equities, on the heels of Wall Street losses after much stronger-than-expected consumer price data for January.
Bets on faster, higher interest rates in the eurozone have been rising since the ECB meeting last week, where Lagarde declined to rule out a 2022 rate hike, which some economists and market observers took as a hawkish turn. In comments to European parliament members on Monday, she also pledged a”gradual” approach to interest rate changes.
Lagarde said one reason for optimism on the inflation front is that much of it is down to a “sharp rise in energy prices.” Noting how oil prices CL00, -0.24% have risen from under €20 in April 2020 to around €90 per barrel currently, she said the gain was unsustainable.
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