Lagarde July 18
- More jobs were likely created in Q2, mainly in services
- Labour market is more resilient
- Expect recovery to be supported by consumption
- Most inflation measures were either stable or edged down in June
- Wages are still rising at an elevated rate
- Latest surveys indicate that wages will moderate over the next year
- Inflation expected to fluctuate around current levels for the remainder of the year, in part due to base energy effects
- Expected to decline to target in the second half of 2025
- Risks of economic growth are tilted to the downside
I don't hear anything suggesting a rush to cut rates.