Making such a change now might be viewed as “moving the goal posts,” given the persistent shortfall of inflation in recent years relative to the objective. And, doing so now might imply a greater tolerance for missing inflation to the low side in an asymmetric way. That would not be desirable at a time when inflation expectations are, if anything, too low, rather than too high relative to the FOMC’s objective. To sum up, the economy is broadly in a good place and the short-term economic outlook remains favorable. On a personal level, I am pleased that I will be leaving my current position at a time when the FOMC is likely to be very close to its employment and inflation objectives— recognizing, of course, the terrible damage of the financial crisis and the long time it has taken to get here. Uncertainty about trade policy and the fact that we are now on an unsustainable fiscal path, however, have raised the longer-term risks. With respect to monetary policy, there are a number of important choices the FOMC will need to make in the years ahead. I have outlined some of my preferences today: continuing with the current floor system for the implementation of monetary policy, and some of the steps that we could take to reduce the risk should interest rates return to the effective lower bound in the future. Thank you for your kind attention. I would be happy to take a few questions.
Christine Lagarde: IMFC statement Statement by Ms Christine Lagarde, President of the European Central Bank, at the forty-seventh meeting of the International Monetary and Financial Committee, IMF Spring Meetings, Washington DC, 14 April 2023. ***  Introduction Since the October meeting, the global economic outlook has improved on the back of a gradual easing of global supply bottlenecks, declining energy prices, and the recovery of the Chinese economy following the lifting of pandemic-related containment measures. Global inflation has also been declining since it peaked in summer 2022, supported by easing supply constraints, as well as by the tightening of monetary policy among advanced economies. However, the recovery prospects for the global economy remain fragile amid continued uncertainty, fuelled by Russia's unjustified war against Ukraine, and the possibility that pressures in global energy and food markets may reappear, leading to renewed price spikes and higher inflation. Resilient labour markets and strong wage growth, especially in advanced economies, suggest that underlying inflationary pressures remain strong. At the same time, other factors that may accelerate disinflation include: persistently elevated financial market tensions, falling energy prices, and a weakening of demand, owing also in part to a stronger deceleration of bank credit or a stronger than projected transmission of monetary policy. As inflation is projected to remain too high for too long, the Governing Council of the ECB decided in March to raise the key ECB interest rates by 50 basis points, bringing the total increase since July 2022 to 350 basis points.