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

Ueda: "Some smaller, regional Japanese banks are sitting on non-negligible amounts of valuation losses."

Lagarde: "We are looking to complete our operational framework review in the next 6-9 months.

Powell: "I don't see anything that would make us want to adjust speed of balance sheet adjustment right now."

Powell: "I don't see us getting back to 2% inflation this year or the next; I see us making progress."