The head of the European Central Bank said Tuesday that it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to "stamp out" inflation if it surges faster than expected.
"The size and complexity of these shocks are also creating uncertainty about how persistent this inflation is likely to be," she said. The ECB also is trying to avoid further hurting economic growth by acting too aggressively, having "revised markedly down our forecast for growth in the next two years," Lagarde said.
Other central banks around the world, including the U.S. Federal Reserve, have moved quicker than the ECB to combat runaway inflation. But they face the threat of spurring a recession as they make borrowing more expensive, with Fed Chair Jerome Powell acknowledging last week that "it's certainly a possibility."
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