Bailey speech: We are being hit by a very large real income shock

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

Bailey: "Task is to return to low inflation."

Bailey: "We are being hit by a very large real income shock."

Bailey: "If we see greater persistence of inflation, we will have to act more forcefully."

Bailey: "Situation leaves options on the table."

Lagarde: "Recovery in services is underway, supporting the economy."

Lagarde: "Hopeful fiscal policy will target supporting most vulnerable, not broad segments of the population."

Market reaction

The GBP/USD stays under bearish pressure and was last seen losing 0.3% on the day at 1.2145.