Answering questions after opening statement
- Did not discuss monetary policy per se
- All countries reported some moderation of growth or loss of momentum
- Momentum moderation is broad across countries and sectors
- The declines were unexpected
- the decline stabilized and the levels are still above historical averages
- The declines came after 4 quarters of growth
- Some normalization was expected.
- Declines were mostly due to temporary factors including weather, timing of Easter, etc.
- There were some things that could indicate something of demand which requires monitoring and caution
- overall growth remains solid broad-based. Risk are brotherly based with more prominence toward global risks
- measures of underlying inflation moved sideways
- some encouraging signs on nominal wage growth which may help price pressures in coming months
- Steady hand,patience, prudence and persistance was used in discussion on monetary policy
- Exchange-rate volatility lessened, it wasn't discussed
- Confidence in inflation is unchanged
- We don't know extent of trade retaliation yet
- trade spats have profound, rapid effect on confidence
- protectionism does not seem to be substantial so for
- Haven't discussed future policy
- Increasing yields in United States ought to be expected because of different position of US business economy and recent fiscal expansion. Yields rising is a natural development in the United States
- Correction: Draghi says ECB didn't discuss plans for June meeting. Careful assessment, monitoring is important for future plans of monetary policy. So did not discuss a roadmap for future policy
- Must understand the slowdown is temporary or permanent. So discussing it now would be premature
