Lagarde: ECB resilience likely to persist into Q3

Resilience Likely To Persist Into Q3 Manufacturing Solid Consumer Confidence Rebounded Services Sector Recovered Labour Market Robust Growth In Employment Continues To Slow Near Term Growth Outlook Has Improved This Reflects Resilience Of Consumption, Public Investment Fiscal Responses To Energy Shock Should Be Temporary, Targeted, Tailored Refining Margins Made Strong Contribution To Inflation Rising Labour Productivity Has Helped Contain Growth In Unit Labour Costs Wage Tracker Points To Modest Uptick In Negotiated Wage Growth Inflation Expectations Over Shorter Horizons Remain At Elevated Levels Most Measures Of Longer-Term Inflation Expectations Stand At Around 2% Higher Energy Prices To Feed Throught To Core, Food Gradually Headline Inflation To Return To Target Towards End Of 2027; Supported By Effects Of Higher Interest Rates Risks To The Growth Outlook Are To The Downside