• Is a hike in April an option? Are we there yet?
    Francine Lacqua
  • Joachim Nagel
    Very opaque situation. Not enough clarity what will happen in April. Should keep all optionalities necessary to tackle situation.
    Will take into account data in April.
  • What needs to happen to support rate hike in April?
    Francine Lacqua
  • Joachim Nagel
    Depends on Strait of Hormuz situation - essential artery of world economy. This has to be resolved.
    Uncertainty triggers uncertainty regarding oil prices. Everything in world dependent on that question - it's a bottleneck.
  • Are households' 2022 memories lifting inflation expectations higher than warranted?
    Francine Lacqua
  • Joachim Nagel
    Can't exclude this. Households learned from 2022 crisis. Medium-term inflation seems well anchored but this can change.
    Too early to say we're on safe ground - still very shaky situation.
  • Does ECB baseline already warrant hikes?
    Francine Lacqua
  • Joachim Nagel
    Baseline based on mid-March data. Now somewhere between baseline and adverse scenario.
    Need to find out where it's going. Should keep flexibility - strength of good central banking.
  • Would preemptive action to avert de-anchoring be necessary?
    Francine Lacqua
  • Joachim Nagel
    Don't see any de-anchoring of inflation expectations yet, but this could change.
    As long as Strait of Hormuz not resolved, danger rising of inflation push. Uncertainty might go up further, triggering process that could become very tricky and dangerous.
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