ECB Press Conference: Rates Held Steady Amid Energy Shock and Rising Long-Term Yields

This recording covers the European Central Bank's press conference following the Governing Council's decision to keep its three key interest rates unchanged. President Christine Lagarde explains the economic and inflation outlook, the tightening of financial conditions, and the Council's debate over whether a rate hike was warranted, before taking questions from journalists on monetary policy, French bond markets, and her announced departure.

■ Monetary Policy Decision and Rationale
- Unchanged key rates; commitment to the 2% medium-term inflation target
- Energy shock, second-round effect risks, and the measured approach
- Governing Council debate and unanimous decision to wait for more data

■ Economic and Inflation Outlook
- Euro area growth, labour market, and fiscal policy considerations
- Inflation breakdown by energy, food, goods, and services
- Wage growth, compensation per employee, and inflation expectations
- Risks to growth and inflation, plus financial conditions and credit trends

■ Market and Governance Questions
- French and global bond yield movements, spreads, and ECB instruments
- Quantitative tightening and redemption mechanics
- Continuity of ECB governance and the leadership succession process
- The President's reasons for stepping down and plans for her future activities

Those interested in central bank decision-making, euro area macroeconomic conditions, or how policymakers communicate under uncertainty will find a full, unedited account of the Council's reasoning and the media's follow-up questions.