Lagarde opening statement: The inflation outlook continues to be too high and too long

• Incoming information broadly supports medium-term outlook that we formed at our previous meeting
• We will continue to follow a data-dependent approach
• Private domestic demand, especially consumption, is likely to remain weak
• Business and consumer confidence have improved but are lower than pre-war
• Manufacturing sector is working through a backlog of orders but prospects worsening
• Government should roll back energy support measures promptly as energy crisis fades
• Price pressures remain strong
• Inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term is still being pushed up but the gradual pass through of previous energy price rises
• Lagarde no longer says growth risks are to the downside

The market is pricing in 43 bps of hiking in September and then coming down afterwards.