Powell speech: Strongly committed to our tools to bring down inflation

Europen Central Bank (ECB) President Christine Lagarde, FOMC Chairman Jerome Powell and Bank of England (BOE) Governor Andrew Bailey speak on the policy outlook at the ECB's annual Forum on Central Banking.

Key quotes

Powell: "We are very strongly committed to our tools to bring down inflation."

Powell: "Is there a risk we would go too far? Yes. Not the biggest risk."

Powell: "The bigger risk is failing to restore price stability."

Powell: "Once deanchoring can be observed, the cost of fighting inflation is too high."

Powell: "If deanchoring observed, the fed has fallen behind the curve."

Bailey: "Clear that the economy is slowing."

Bailey: "War and energy are the major risk factors."

Bailey: "There will be a further step up in UK inflation."

Market reaction

The US Dollar Index continues to push higher and was last seen rising 0.37% at 104.87.