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

Bailey: "It would not be the right thing to do to change the inflation target."

Bailey: "Market doesn't think we are not nearly done at the moment."

Powell: "US economy is quite resilient and latest data are consistent with that."

Powell: "Inflation proved to be more persistent than expected."

Powell: "Watching commercial real estate very carefully."

Powell: "Commercial real estate worries played no part in June decision."

Powell: "We don't target particular parts of the market."

Lagarde: "Transmission of policy is likely to be less rapid than in the past due to fixed rate mortgages."

Lagarde: "We may have underestimated the resilience of our economies."

Ueda: "We're seeing signs of inflation expectations rising but they not fully in line with the inflation target."