Lagarde explains ECB decision on interest. Follow here live

The headline indicates that ECB President Christine Lagarde is publicly explaining the central bank's latest interest rate decision, with live coverage of the press remarks. The transmission channel here is primarily policy-rate expectations and the euro-area rate differential: the content of Lagarde's explanation, particularly any guidance on the path of future rate moves, shifts market pricing for the deposit rate and the euro's relative yield against other major central banks. Euro-area government bonds, especially German Bunds and peripheral sovereigns, are most directly exposed, as their yields reprice on forward guidance, while the euro itself and rate-sensitive European bank and equity sectors respond to shifts in the expected rate trajectory. The most important near-term catalyst is the wording of the Q&A session that follows the prepared statement, where any change in tone on inflation persistence or data dependence can move overnight index swap pricing. Traders will also watch the subsequent euro-area flash inflation print for confirmation or challenge of the policy rationale.

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