• Disinflation has to be ‚timely‘ and ’sustainable‘
• German growth not broken and demonstrating resilience
• Proximity to war in Ukraine part of the reason for differing economic paths for US and Europe
• Changing inflation target would be ‚deceptive‘ and counter to anchoring expectations

That’s a dovish headline from Lagarde, though hardly a signal about a Sept pause.

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