Lagarde and Schnable came out this week with a call to arms for tighter policy but the market isn't buying it. Money markets are now pricing in 80 bps of hikes from the ECB this year versus 95 bps at the start of the week.
In the US, yields are also coming down as growth fears mount. That's a reflection of the market pricing in a less hawkish path.
I believe this tweet captures the mood of a large part of investors.
Given what Lagarde said and given that several FOMC members this week said that jobs may need to be shed in order to get inflation under control, I think this is a mistaken assumption.