Lagarde Q&A: The consensus was that it was premature to discuss rate cuts

<ul><li>I stand by my comments [regarding possible summer rate cuts]</li><li>We are data dependent, not date-dependent</li><li>We're watching shipping cost increases and delays</li><li>Seeing some stabilization in wage tracker</li><li>Seeing slight reduction of vacancies advertised</li><li>Wage growth is already declining</li><li>Not seeing second round effects</li><li>We are trying to be a little more simple in our words, so don't pay too much attention to word changes in our statement</li><li>80% of our survey respondents say they are happy to work at the ECB</li><li>I'm honored to lead the ECB</li><li>It's often said that wage data is backwards looking</li><li>PMI numbers are a small signal of stabilization and that a pickup is coming into place</li><li>In terms of data, we're seeing hard data that's weak (notes industrial production and retail sales). If we look at PMIs, we're seeing some encouraging numbers</li></ul><p>Money markets are pricing in 140 bps in cuts this year compared to 130 bps before the statement. After all the statements and answers, there really wasn't much there. </p>

This article was written by Adam Button at www.forexlive.com.