Lagarde opening statement:
The inflation outlook continues to be too high and too long
Incoming information broadly supports medium-term outlook that we formed at our previous meeting
We will continue to follow a data-dependent approach
Private domestic demand, especially consumption, is likely to remain weak
Business and consumer confidence have improved but are lower than pre-war
Manufacturing sector is working through a backlog of orders but prospects worsening
Government should roll back energy support measures promptly as energy crisis fades
Price pressures remain strong
Inflation is still being pushed up but the gradual pass through of previous energy price rises
Lagarde no longer says growth risks are to the downside