ECB's Lagarde: We will set rates at restrictive level for as long as needed

<ul><li>We will return to 2% inflation target</li><li>To set rates at restrictive level as long as needed for that</li><li>Eurozone will not grow as much as expected earlier, but should pick up in 2024</li><li>Weaker growth does not mean recession</li></ul><p>She's not really offering too much pushback or explicitly keeping the door open for another rate hike, similar to yesterday. As for the likelihood of a recession, let's just say it never is a good sign when policymakers have to mention the R-word itself in trying to defend their stance.</p>

This article was written by Justin Low at www.forexlive.com.