Describing an “era of uncertainty,” Lagarde said it’s important that central banks provide an anchor for the economy and ensure price stability in line with their respective mandates.
The euro traded steadily and was little changed against the dollar while European bond futures edged lower. With the cash market for sovereigns closed in Europe, bund futures slipped around 14 ticks while front-end schatz futures reached session lows. A softer economic backdrop may help bring core inflation down — and that’s certainly the scenario the euro region is facing. The bloc may see output contract this quarter as the services sector follows manufacturing into a downturn, a business survey showed this week.
“These three criteria help mitigate the uncertainty surrounding the medium-term outlook by blending together our staff’s inflation projections, the trend that we can extract from underlying inflation, and the effectiveness of our policy measures in countering that trend,” she said.
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