![ECB lagarde q](https://images.forexlive.com/images/ECB%20lagarde%20q_id_4f474045-1a24-4a5b-a9c6-0868ada2f2e3_original.jpg)
- Some governors would have preferred to pause and wait on more data
- A 'solid majority' agreed with the decision
- Three quarters of the rise in the 2024 rise in inflation is due to carry-over from 2023
- We didn't discuss how long we will leave rates at these levels, we will continue to be data dependent
- We are not saying that we're now at the peak, we can't say that now
- The focus is expected to move towards duration
- Policy transmission is faster than previous cycles
- We are going through a phase of very sluggish growth
- We see weak signs
The market is pricing only a 10-15% chance of a further ECB hikes, with cuts more likely starting in March.
![ECB new inflation forecasts](https://images.forexlive.com/images/ECB%20new%20inflation%20forecasts_id_5c05ddae-4863-4701-bda7-dae9561aef76_original.jpg)
There was some euro buying when Lagarde said that they couldn't say rates had peaked but the gains quickly backed off.