• Adverse impact of high inflation on disposable income poses elevated risks to our medium-term growth outlook
  • Still expecting positive growth throughout horizon
  • Headwinds from energy, trade and inflation pose elevated risks to medium-term outlook
  • Elevated inflation will remain with us for some time
  • Rusks surrounding inflation are on the upside
  • We will react to prevent fragmentation
  • 'Excessive' divergence in bond yields makes credit conditions inconsistent with the uniform transmission of monetary policy

This is similar to what Lagarde has said. There's certainly no sign of peeling back the hawkish stance despite the mounting growth worries.