• The recovery has been 'staggering'
  • In a way, we're the victim of our own success
  • Germany PPI might be high but the euro is for 19 nations
  • Underneath the numbers, there is a big contribution from energy
  • Some base effects will clear out as soon as next month
  • Will bottlenecks and energy make inflation sustainable?
  • We have to look at wages
  • We're not seeing anything that would point to inflation spiraling out of control
  • We will look our horizon at upcoming meetings
  • Employment participation is getting close to pre-pandemic level
  • We're unlikely to face the same inflation as the US
  • Our demand in Europe is not a state of excessive demand

Lagarde did put rate hikes on the table and preached humility. The strident commitment to low rates is gone. Of course, the plan still isn't to hike this year or 2023 but she's opened the door to a shift.

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