Christine Lagarde, President of the European Central Bank (ECB), is delivering her remarks on the policy outlook and responding to questions from the press following the Governing Council's decision to hike key rates by 25 basis points in May.

Key takeaways

"Saving a little bit of optionality on APP reinvestment."

"The ultimate goal is to reduce APP bond holdings to zero."

"Rate hiking is a journey, we are not there yet."

"Data dependency is not forward guidance."

"We had lengthy debates about core inflation."

"We are particularly concerned about food inflation."

"We are not Fed-dependent in rate decisions, we can tighten if the Fed pauses."

"We are not making any commitment to cut rates at any point in time."

About ECB's press conference

Following the ECB´s monetary policy decisions, the ECB President delivers a prepared statement and responds to questions from the press on the policy outlook. Her comments may influence the volatility of EUR and determine a short-term positive or negative trend. Her hawkish view is considered as positive, or bullish for the EUR, whereas her dovish view is considered as negative, or bearish.