Lagarde speech: Inflation is way too high, will stay course with rate hikes

 European Central Bank (ECB) President Christine Lagarde is speaking at a panel discussion titled "Finding Europe's New Growth" at the World Economic Forum (WEF), in Davos this Thursday.

Key quotes

Economic news have become much more positive.

We may only see a small contraction in the Eurozone.

Job market in europe has never been as vibrant as now.

2023 won't be as brilliant but better than feared.

Inflation is way too high.

ECB is determined to bring it down to 2% in a timely manner.

Will stay course with rate hikes.

Market reaction

In an immediate reaction to Lagarde’s comments, EUR/USD is trading unfazed at around 1.0820, up 0.28% on the day.