Lagarde speech: More than two but less than five meetings to get to end of hikes

Christine Lagarde, President of the European Central Bank (ECB), is delivering her remarks on the policy outlook and responding to questions following the bank's decision to hike key rates by 75 basis points following the September policy meeting.

Key quotes

"Rate move increments may not decline as we get closer to the terminal rate."

"Terminal rate is not known."

"We are giving priority to the policy rate."

"It will take more than 2 meetings but less than 5 to get to the end of hikes."

Market reaction

EUR/USD is struggling to shake off the bearish pressure and was last seen losing 0.45% on a daily basis at 0.9957.