Jerome Powell, Chairman of the Federal Reserve System (Fed) and Christine Lagarde, European Central Bank (ECB) President, speak alongside Bank of England Governor (BoE) Andrew Bailey and Bank of Japan (BoJ) Governor Kazuo Ueda at a policy panel at the 2023 ECB Forum on Central Banking.

Key takeaways

Lagarde: "We still have ground to cover."

Lagarde: "If the baseline stands, we know we will likely hike again in July."

Bailey: "UK economy turned out to be much more resilient."

Bailey: "Data showed clear signs of persistence of inflation."

Bailey: "We will do that is necessary to get inflation to target."

Powell: "Policy hasn't been restrictive for very long."

Powell: "We believe there's more restriction coming, driven by labor market."

Powell: "Strong majority for two more rate hikes in dot plot."

Powell:  "As you get closer to target, you're closer to a place where risks become more in balance."

Powell: "Wouldn't take moving at consecutive meetings off the table."