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Lagarde: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
It is a pleasure to return to this Committee for our regular dialogue. Let me start with a solemn reminder that this week marks four years since Russia launched its unjustified aggression against Ukraine. Our thoughts are with the Ukrainian people, who continue to endure immense suffering, and we stand in full solidarity with all those affected by this war. The euro area has faced an exceptionally challenging environment over recent years, with high inflation affecting both households and firms. We can now see, however, that our efforts to bring inflation down have been effective. Inflation has fallen markedly from ... (full story)
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Bank of Japan Governor Kazuo Ueda reinforced the central bank’s tightening bias, signalling that further rate hikes remain likely if incoming data strengthen confidence in the Bank’s economic and inflation forecasts. In comments reported by Yomiuri, Ueda said the BoJ’s “basic stance” is to continue raising interest rates if the probability of its growth and price projections materialising increases. While underlying inflation has yet to fully reach the 2% target, policy will be guided to ensure it converges sustainably to around that level without overshooting on a persistent basis. Ueda added that the Bank does not believe it is behind the curve in addressing the risk of excessive inflation, and said there has been no change since January to the projected timing for achieving the price target. He expects inflation to re-accelerate following the current slowdown. Importantly, Ueda flagged upside risks. If the outcome of the spring wage negotiations proves stronger than expected and firms pass higher labour costs through to prices more swiftly, the 2% inflation target could be achieved sooner than currently projected — a comment that tilts hawkish at the margin. Looking ahead, Ueda noted that while the April Tankan survey will be an important input, the BoJ is conducting multiple surveys and does not need to wait for the Tankan release to have sufficient data. With policy meetings scheduled for March and April, he said the Bank will scrutinise all available information and reach a decision, responding to growing market speculation that a rate hike could come as early as April. BOJ GOVERNOR UEDA: DOES NOT EXPECT MAJOR IMPACT FROM NEW TRUMP TARIFFS ON JAPAN BUT MONITORING CLOSELY; BOJ TO REVIEW DATA AT MARCH AND APRIL MEETINGS BEFORE DECIDING ON POLICY – YOMIURI.
Oman: We've finished the day of US-Iran talks. Talks made significant progress. Oman: US-Iran talks will resume soon after consultations.
