“Defeating inflation is our mantra, our mission, our mandate,” that’s “why we have to raise interest rates”: Lagarde now after years of money-printing.
To “address unexpected and extraordinary inflation increases,” the ECB starts QT by “recalibrating” TLTRO III, which will further reduce its balance sheet.
BOE is caught between 10% inflation it needs to crack down on with rate hikes & QT and a crisis over derivatives that leveraged UK pension funds blew their brains out with.
