"We are fully committed to fighting inflation and are determined to achieve its timely return to our medium-term objective of 2%," Lagarde said. "Our rate hikes are being strongly transmitted to the financing conditions of firms and households, as can be seen from rising lending rates and falling loan volumes," he added.
"We will continue to follow a data-dependent approach to determine the appropriate level and duration of the restriction," she said. The full effects of our monetary policy measures are starting to materialize," he said.